Cryptocurrency analyst and trader Kevin Svenson anticipates that altseason, a period marked by altcoins outperforming Bitcoin (BTC), is on the horizon. In a recent video addressed to his 78,600 YouTube followers, Svenson shared his optimistic outlook for altcoins, drawing insights from the recent movements of Bitcoin and Ethereum (ETH).

“Altseason could be right around the corner. My reasoning behind this is that Bitcoin has broken its parabolic trend and seems poised to consolidate within its current range, whereas Ethereum, a leading altcoin, is trending exponentially. This juncture is likely where altcoins will begin to narrow the gap with Bitcoin.”

The narrative thus far in 2023 has predominantly revolved around Bitcoin – from BlackRock’s application for a spot Bitcoin ETF, the subsequent approval of the ETF, to the Bitcoin halving. These developments have collectively set the stage for a shift in narrative.

Svenson also pointed to Bitcoin dominance (BTC.D), a metric gauging Bitcoin’s market capitalization relative to the broader cryptocurrency market, as an indicator signaling an imminent bullish phase for altcoins. A declining BTC.D typically signifies that altcoins are gaining value at a faster rate compared to Bitcoin.

“Upon reviewing the weekly data, Bitcoin dominance appears to be on a downward trajectory. While we haven’t yet observed a definitive lower low, the trend line has been breached and we’re seeing lower highs… Historically, a decreasing Bitcoin dominance tends to kick off altseason.”

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