Analyst and trader Kevin Svenson is optimistic about the future of altcoins, believing that the most explosive phase of the cycle is still on the horizon. In a recent strategy session with his YouTube subscribers, Svenson pointed to the TOTAL3 chart as a key indicator for potential growth.
The TOTAL3 chart tracks the market capitalization of all cryptocurrencies excluding Bitcoin (BTC), Ethereum (ETH), and stablecoins. Svenson highlighted the historical trend where altcoins saw a significant surge in value following a period of consolidation in Bitcoin’s price.
According to Svenson, the most bullish phase for altcoins typically occurs around the 40th week after a halving event. With the last halving taking place in April 2024, Svenson predicts that the altcoin market could experience a major breakout by the end of January.
Referring to his chart analysis, Svenson suggested that the TOTAL3 market cap could reach $2 trillion during the peak of the cycle, representing a significant increase from the current $982.2 billion market cap.
Furthermore, Svenson also discussed the potential decline in Bitcoin dominance (BTC.D) as altcoins gain traction. He pointed out that in previous cycles, Bitcoin’s dominance started to decrease around the 40th week post-halving, paving the way for altcoins to take over.
Looking at his chart projections, Svenson forecasted that BTC.D could drop to around 42% within the next six months. Currently, BTC.D stands at 58.01%, indicating a potential shift towards altcoins in the near future.
As investors eagerly anticipate the next phase of the crypto market cycle, Svenson’s insights provide valuable perspectives on the potential growth opportunities for altcoins. With the market dynamics evolving rapidly, staying informed and prepared for potential market movements is crucial for navigating the crypto space successfully. Subscribe to receive email alerts and stay updated on the latest price action to make informed investment decisions. Follow The Daily Hodl on Twitter, Facebook, and Telegram for real-time updates and insights.