Cryptocurrency analyst and trader Kevin Svenson anticipates that altseason, a phase where alternative cryptocurrencies surpass Bitcoin (BTC) in performance, is on the horizon.

In a recent video, Svenson conveyed to his substantial YouTube following of 78,600 subscribers that his optimistic outlook for altcoins stems from observing the price movements of Bitcoin and Ethereum (ETH).

“Altseason appears imminent. My conclusion is drawn from Bitcoin breaking its parabolic trend and stabilizing within this range, while Ethereum, the leading altcoin, continues its exponential ascent. This juncture likely marks the onset of altcoins catching up with Bitcoin.”

“The Bitcoin narrative dominated throughout 2023—BlackRock’s ETF application for spot Bitcoin, ETF approval, and the Bitcoin halving. These events have paved the way for a shift in narrative.”

Svenson also pointed out that Bitcoin dominance (BTC.D), a metric gauging BTC’s market capitalization relative to the broader crypto market, indicates another bullish phase for altcoins.

“A declining BTC.D signifies that altcoins are appreciating faster than Bitcoin. Observing the weekly trends, BTC.D shows signs of descent, breaking its trend line with lower highs. This historical pattern typically heralds the onset of altseason.”

For further insights, visit Kevin Svenson’s YouTube channel.