Bitcoin
Altcoin Season Poised to Happen ‘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), it’s close.
In a new video, Svenson account his 78,600 YouTube subscribers that his bullish thesis for altcoins is informed by 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 looking to go sideways in that 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 to Bitcoin.”
The narrative was with Bitcoin since early 2023 – BlackRock requesting the [spot Bitcoin] exchange traded fund (ETF), the ETF being approved, the [Bitcoin] reducing by half. All of these things have led to this point and now it’s time for the narrative to change.”
Source: Kevin Svenson/YouTube
Svenson further says that Bitcoin dominance (BTC.D), which measures BTC’s market cap relative to the rest of the crypto market, is another factor signaling an imminent bull season for altcoins.
A bearish BTC.D signals that altcoins are appreciating faster than Bitcoin.
Says Svenson,
“Looking at the weekly, [Bitcoin dominance] is starting to fall. We have not yet reached a lower low, but we have broken the trend line. And we have lower treble….
Bitcoin dominance will likely start to decline and this will historically start the entire season.”
Source: Kevin Svenson/YouTube
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