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Cryptocurrency analyst and trader Kevin Svensson believes that the altseason, the period in which altcoins significantly outperform Bitcoin (Bitcoin), in hand.
In a new video, Svensson Tells His 78,600 YouTube subscribers claim that his bullish altcoin thesis is derived from the price action of Bitcoin and Ethereum (Ethereum).
“Altseason could be coming very soon. The reason I come to this conclusion is that Bitcoin has broken out of a parabolic trend and is looking to move sideways in this range and consolidate, while the leading altcoin, Ethereum, is actually sitting in an exponential trend. So this is likely the point where altcoins start to catch up with Bitcoin.
The story has been with Bitcoin since the beginning of 2023 – BlackRock applied for… [spot Bitcoin] Exchange Traded Funds (ETF), Approval of Exchange Traded Funds (ETF). [Bitcoin] Half. All of these things have led up to this point, and now it’s time to change the narrative.”
Svensson also says that Bitcoin (BTC.D) dominance, which measures Bitcoin’s market cap compared to the rest of the cryptocurrency market, is another factor pointing to an imminent bull season for altcoins.
A bearish BTC.D indicates that the value of altcoins is rising faster than Bitcoin.
Svensson says,
“Looking at the weekly, it is [Bitcoin dominance] The descent began. We haven’t really hit a lower low yet but we have broken through the trend line. And we have lower altitudes.
Bitcoin’s dominance is likely to start to wane, which is what altcoin season traditionally starts with.
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