Altcoins
Altcoin Season Set to Start “Very Soon,” Says Crypto Analyst Kevin Svenson – Here’s Why
Cryptocurrency analyst and trader Kevin Svenson believes the altseason, a period when altcoins significantly outperform Bitcoin (BTC), is within reach.
In a new video, Svenson tells His 78,600 YouTube subscribers argue that his bullish case for altcoins is based on the price action of Bitcoin and Ethereum (ET).
“The Altseason could actually take place very soon. And the reason I came to this conclusion is because Bitcoin has broken out of the parabolic trend and is trying to go sideways in this range and consolidate, while the main altcoin, Ethereum, is actually sitting in an exponential trend. So this will likely be the point where altcoins start to catch up to Bitcoin.
The narrative has been with Bitcoin since early 2023: BlackRock has applied for [spot Bitcoin] exchange traded fund (ETF), the ETF being approved, 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 altcoins are increasing in value faster than Bitcoin.
Svenson says,
“Looking at the weekly, it [Bitcoin dominance] It’s starting to go down. We haven’t gotten a lower low yet, but we’ve broken the trend line. And we have lower highs…
Bitcoin dominance is likely to start declining and this will kick off the historical alternative season.”
Italian: https://www.youtube.com/watch?v=U_s3v3tlURo
Don’t miss a beat – subscribe to receive email alerts directly in your inbox
Check Price action
Follow us on X, Facebook AND Telegram
surf Hodl’s Daily Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and transactions are at your own risk and that any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: DALLE3