Bitcoin, the world’s most popular cryptocurrency, could be in for a remarkable uptick in the coming weeks, potentially triggering an altcoin season, according to Kevin Svenson, a well-known cryptocurrency analyst. In this article, we delve into Svenson’s predictions and explore what they mean for investors.
Bitcoin Primed for Significant Uptick
Svenson notes that Bitcoin is currently establishing a higher low along a parabolic trajectory, potentially leading to the next substantial thrust upward toward $48,000. This increase would signify a 65% gain from its current price, presenting a significant opportunity for investors.
Also Read: Bitcoin Price Prediction 2023, 2024, 2025, 2026 – 2030
Altcoin Season on the Horizon
Svenson believes that after Bitcoin nears the $50,000 mark, altcoins may begin to experience their own rallies. This pattern corresponds to Bitcoin’s behavior months before its last halving, with the next halving scheduled for early 2024. Svenson envisions a final dramatic peak in Bitcoin dominance before the onset of the altcoin season.
Investing in the Altcoin Market
Regarding the optimal time to invest in the altcoin market, Svenson approximates that June or July could be prime opportunities. Forward-thinking investors might even consider entering the market earlier in anticipation of this trend.
Related: Top 10 Altcoins Poised To Explode In the Month Of May – Coinpedia Fintech News
Bitcoin’s Performance
At the time of writing, Bitcoin’s value stood at $28,095. Its dominance rate, a metric indicating Bitcoin’s share of the overall crypto market, has risen significantly since the beginning of the U.S. banking sector crisis. TradingView data reveals that the dominance rate has escalated from 42% to 22-month peaks close to 49%, demonstrating Bitcoin’s superior performance compared to the broader market.
Federal Reserve Policies and Cryptocurrency
The continuing banking crisis has intensified expectations of additional liquidity easing measures by the Federal Reserve (Fed), implying an impending dollar depreciation. On Wednesday, the Fed increased interest rates by 25 basis points. The projected dollar weakness and adjustments to interest rates might further bolster Bitcoin’s bullish trend in the months ahead, making 2023 as bullish for crypto as many analysts have predicted.