Altcoin season may be closer than we think – here's why

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Cryptodnes2024/06/29 22:19

By:Cryptodnes

Crypto analyst Kevin Swenson believes that altcoin season — a period in which altcoins significantly outperform Bitcoin (BTC) — is inevitable.

Svenson based his bullish forecast on the price action of Bitcoin and Ethereum ( ETH ), explaining that the altcoin season may actually be coming very soon as BTC has broken the parabolic trend and is looking to consolidate as well.

He added more , that at the same time Ethereum, the leading altcoin , is trending exponentially, and this is probably the point where altcoins start to catch up to Bitcoin.

Swenson added:

The narrative has centered around Bitcoin since early 2023, with events such as BlackRock's application for a spot BTC exchange-traded fund (ETF), its approval, and [Bitcoin's] halving. Now is the time to change [the situation].

Svensson also pointed to the dominance of Bitcoin (BTC.D), which measures BTC's market cap against the entire crypto market, as a key indicator signaling an upcoming altcoin season.

BTC.D's decline suggests that altcoins are increasing in value faster than the flagship cryptocurrency .

Things could be getting worse for Bitcoin despite the bullish signals

He stated:

On a weekly basis, Bitcoin's dominance is beginning to decline. We haven't seen a lower bottom yet, but we have broken the trend line and have lower highs. Historically, the decline of Bitcoin's dominance initiates the altcoin season.

His analysis suggests that as Bitcoin consolidates, momentum may shift to the altcoins, leading to a period of significant gains for one of the altcoins.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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