Bitcoin Trends Signal Potential Altcoin Season Ahead, According to a Top Analyst
Cryptocurrency analyst and trader Kevin Svenson is discussing a Bitcoin (BTC) indicator signaling potential gains for altcoins.
According to Svenson, Bitcoin dominance, which compares BTC’s market value to other cryptocurrencies, suggests a possible start of an altcoin season.
He explains, “Bitcoin dominance is slipping below its trend line, indicating a favorable outlook for altcoins… Total3, the aggregate altcoin market cap, is holding up despite Bitcoin’s decline today, signaling exhaustion among altcoin sellers and a potential resurgence for altcoins.”
Svenson emphasizes that this scenario is favorable for altcoin holders, noting, “When Bitcoin falls, usually Bitcoin dominance rises as investors move from riskier altcoins to safer Bitcoin.
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But this time, Bitcoin dominance is decreasing alongside Bitcoin, suggesting growing confidence, speculation, and investment in altcoins.”
He also observes oversold conditions in the altcoin market, stating, “Altcoins are showing bullish divergence against Bitcoin. Sellers seem exhausted, having sold off significantly, paving the way for altcoins to potentially gain market share.”
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
