Cryptocurrency analyst and trader Kevin Svenson believes that the altseason, a period when altcoins significantly outperform Bitcoin (BTC), is close.
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 happen very soon. And the reason why I came to that conclusion is because Bitcoin has broken the parabolic trend and is looking to go sideways and consolidate in this area, while the leading altcoin, Ethereum, is actually in an exponential trend. So this will likely be the point where altcoins start to overtake Bitcoin.
The story has been with Bitcoin since early 2023 – BlackRock filed for the [spot Bitcoin] exchange-traded fund (ETF), where the ETF is approved, the [Bitcoin] halve. All these things have led to this point and now it’s time to turn the story around.”
Svenson goes on to say that Bitcoin dominance (BTC.D), which measures BTC’s market capitalization relative to the rest of the crypto market, is another factor pointing to an impending bullish season for altcoins.
A bearish BTC.D indicates that altcoins are increasing in value faster than Bitcoin.
Says Svenson,
“If you look at the weekly magazine, yes [Bitcoin dominance] starts to decline. We haven’t really hit a lower low yet, but we have broken the trend line. And we have lower highs….
Bitcoin’s dominance will likely begin to decline and that is historically the start of the alternative season.”
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