Crypto analyst Kevin Svenson believes that altcoin season—a period when altcoins significantly outperform Bitcoin (BTC)—is inevitable. Svenson based his forecast on the price actions of Bitcoin and Ethereum (ETH), explaining that altcoin season could occur very soon as BTC has interrupted its parabolic trend and is aiming to consolidate.
He further noted that Ethereum, the leading altcoin, is on an exponential trend, which is likely the moment when altcoins begin to catch up with Bitcoin. Svenson emphasized the narrative surrounding Bitcoin since early 2023, highlighting events such as BlackRock’s application for a spot BTC exchange-traded fund (ETF), its approval, and Bitcoin’s halving. He indicated that now is the time for the situation to change.
Svenson also highlighted Bitcoin dominance (BTC.D), which measures BTC’s market capitalization against the entire crypto market, as a key indicator signaling an impending altcoin season.
The decline in BTC.D suggests that altcoins are increasing in value faster than the flagship cryptocurrency.
Read more:
Despite bullish signals, Bitcoin’s situation may worsen.
He said:
Looking at a weekly basis, Bitcoin dominance is starting to decline. We haven’t seen a lower low yet, but we have broken the trend line and have lower highs. Historically, a decrease in Bitcoin dominance initiates altcoin season.
His analysis suggests that while Bitcoin consolidates, momentum may shift towards altcoins, leading to a period of significant gains for some of them.
[img]
[img]
[img]