Altcoins
Altcoin Season Set to Start “Very Soon,” According to Crypto Analyst Kevin Svenson – Here’s Why
Cryptocurrency analyst and trader Kevin Svenson believes that altseason, a period in which altcoins significantly outperform Bitcoin (Bitcoin), is within reach.
In a new video, Svenson tells His 78,600 YouTube subscribers say his bullish thesis for altcoins is based on the price action of Bitcoin and Ethereum (ETH).
“Altseason could actually happen very soon. And the reason I came to this conclusion is because Bitcoin has broken the parabolic trend and is trying to go sideways in this range and consolidate, while the leading altcoin, Ethereum, is actually in an exponential trend. So this will probably be the point where altcoins start to catch up with Bitcoin.
The narrative has been with Bitcoin since early 2023: BlackRock has applied for [spot Bitcoin] exchange-traded fund (ETF), the ETF pending approval, the [Bitcoin] halving. All of these things have led to this point and now it’s time for the narrative to change.”
Source: Kevin Svenson/YouTube
Svenson also says that the dominance of Bitcoin (BTC.D), which measures BTC’s market capitalization relative to the rest of the cryptocurrency market, is another factor signaling an impending bull season for altcoins.
A bearish BTC.D signals that the value of altcoins is increasing faster than that of Bitcoin.
Svenson says,
“Looking at the weekly, it [Bitcoin dominance] it’s starting to go down. We have not yet made a lower low, but we have broken the trend line. And we have lower highs…
Bitcoin dominance is likely to begin to decline and this historically begins the altseason.”
Source: Kevin Svenson/YouTube
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