Cryptocurrency expert and trader Kevin Svenson predicts that altseason, a period where alternative cryptocurrencies surpass Bitcoin (BTC) in performance, is imminent.

In a recent video, Svenson, addressing his 78,600 YouTube followers, asserts his bullish outlook for altcoins, drawing insights from the recent movements of Bitcoin and Ethereum (ETH).

“Altseason appears to be on the horizon. My conclusion stems from Bitcoin breaking its parabolic trend and settling into sideways movement within this range, while Ethereum, the leading altcoin, continues its exponential rise. This juncture typically marks the onset of altcoins catching up with Bitcoin.”

The narrative has revolved around Bitcoin since early 2023 – from BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF) to the eventual ETF approval and the Bitcoin halving. These events have paved the way for a shift in focus.

Source: Kevin Svenson/YouTube

Svenson also highlights Bitcoin dominance (BTC.D), a measure of BTC’s market cap relative to the overall cryptocurrency market, as a key indicator signaling an impending altcoin bullish phase.

“A declining BTC.D indicates that altcoins are gaining value faster than Bitcoin. Observing the weekly data, we see a downward trend emerging. While we haven’t reached a new low just yet, the trend line has been breached, accompanied by lower highs… Historically, a decrease in Bitcoin dominance marks the beginning of altseason.”

Source: Kevin Svenson/YouTube

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