[ad_1]
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.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
[ad_2]
Source link
