Cryptocurrency analyst and trader Kevin Svenson believes that altseason, a period when altcoins significantly outperform Bitcoin (BTC), is close at hand.
In a new video, Svenson tells his 78,600 YouTube subscribers that his bullish thesis for altcoins is informed by the price action of Bitcoin and Ethereum (ETH).
“Altseason may actually take place very soon. And the reason why I came to that conclusion is because Bitcoin broke the parabolic trend and is looking to go sideways in this range and consolidate, while the leading altcoin, Ethereum, is actually sitting in an exponential trend. So this is likely going to be the point where altcoins begin to catch up with Bitcoin.
The narrative was with Bitcoin since the beginning of 2023 – BlackRock applying for the [spot Bitcoin] exchange-traded fund (ETF), the ETF being approved, the [Bitcoin] halving. All these things led up to this point and now it is time for the narrative to switch.”
Svenson further says that Bitcoin dominance (BTC.D), which measures the market capitalization of BTC relative to the rest of the crypto market, is another factor signaling an impending bullish season for altcoins.
A bearish BTC.D signals that altcoins are rising value in faster than Bitcoin.
Says Svenson,
“Looking at the weekly, it [Bitcoin dominance] is starting to come down. We haven’t really gotten a lower low just yet but we have broken the trend line. And we do have lower highs….
Bitcoin dominance is likely going to begin coming down and that initiates altseason historically.”
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The post Altcoin Season Primed To Take Place ‘Very Soon,’ According to Crypto Analyst Kevin Svenson – Here’s Why appeared first on The Daily Hodl.