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Kevin Svenson, a cryptocurrency analysis YouTuber with about 146,000
According to Daily Issues on the 29th (local time), cryptocurrency analyst and trader Svensson told his 78,600 YouTube subscribers in a new video that his bullish view on altcoins is determined by the price movements of Bitcoin and Ethereum (ETH). He predicted that the altcoin season would begin ‘soon’.
“An alt season could actually happen soon,” he said. The reason I came to this conclusion is that Bitcoin has broken its parabolic trend and is moving sideways in this range, looking for consolidation, while Ethereum, the leading altcoin, is actually in an exponential trend. “Therefore, it is likely that now will be the time when altcoins begin to catch up with Bitcoin.”
He said, "Since early 2023, the story about Bitcoin has included BlackRock's application for a Bitcoin spot exchange-traded fund (ETF), ETF approval, and Bitcoin halving. All of this has continued until now, and it is time for the narrative to change." He emphasized.
Svensson also said that Bitcoin Dominance (BTC.D), which measures Bitcoin's market capitalization relative to the rest of the cryptocurrency market, is another factor signaling that a bull season for altcoins is imminent.
The explanation is that the weakness of BTC.D is a sign that the value of altcoins is rising faster than Bitcoin.
Jamie Coutts, a cryptocurrency market analyst at Bloomberg Intelligence, also recently expressed a positive stance on the alt season through X.
He said, "The indicator comparing the top 200 equal weight index and the market capitalization weight (Top 200 Equal Weight vs. Mkt cap weight ratio) recorded -2.8 StDevs. This is a level that has only appeared about three times so far, and the current market is in extreme condition. “It shows that people are showing signs of weakness,” he diagnosed.
He said, "The first time the indicator reached a similar level was 2021. Afterwards, cryptocurrency showed a strong rebound. It was also at a similar level in 2022, when the cryptocurrency cycle bottomed and fell 70%. In 2023, the U.S. Securities and Exchange Commission Even when the (SEC) bad news broke out, this indicator was similar to the current value, and the altcoin rose four months later. The current movement of this indicator is not in 2022-2023, but in the 2021 cycle when the cryptocurrency market was in a slump. “Also, the indicators suggest that the market situation is well-organized at a time when global liquidity is increasing, and the balance between risk and return is gradually trending in favor of high-quality altcoins.”
As of 11:02 am on June 30th (Korean time), the Bitcoin (BTC) price was $60,862 based on CoinGecko. Currently, Bitcoin dominance is around 50.7%.
