Cryptocurrency analyst and trader Kevin Svenson is optimistic about the future of altcoins, predicting that the most explosive phase of the cycle is yet to come. In a recent strategy session with his 81,300 YouTube subscribers, Svenson highlighted the potential for a significant breakout in the TOTAL3 chart, which tracks the market capitalization of all crypto assets excluding Bitcoin, Ethereum, and stablecoins.
Drawing parallels to previous market cycles, Svenson pointed out that in 2021, while Bitcoin was consolidating at a high price, the TOTAL3 chart experienced a meteoric rise. He anticipates a similar scenario playing out in the current cycle, with the most bullish period for altcoins expected to kick off around the 40th week post-halving event in April 2024.
According to Svenson, altcoins have not yet reached their peak performance, as they are still in the early stages of the cycle. He emphasized that once the all-time high is breached, there could be a significant uptrend, potentially surpassing the 170% increase seen in the previous cycle.
Analyzing his charts, Svenson projected that the TOTAL3 market cap could reach $2 trillion by the cycle peak, representing a substantial increase from the current $982.2 billion. He also suggested that Bitcoin’s dominance level (BTC.D) is likely to decline in the coming months, paving the way for altcoins to take center stage.
Historically, BTC.D has plummeted after the 40th week post-halving, signaling a shift in dominance from Bitcoin to other cryptocurrencies. Svenson’s chart indicates that BTC.D could drop to around 42% within the next six months, indicating a potential surge in altcoin dominance.
As of the latest data, BTC.D stands at 58.01%, suggesting that there is room for further decline in Bitcoin’s dominance. Overall, Svenson remains bullish on the altcoin market, expecting significant gains in the coming months as the cycle progresses.
For more insights and updates on cryptocurrency market trends, followers can subscribe to Kevin Svenson’s YouTube channel and stay tuned for his latest analysis and forecasts. Stay informed and stay ahead of the curve in the ever-evolving world of digital assets.