An analyst who accurately called the stages of Bitcoin’s (BTC) parabolic run this cycle is now predicting a huge upside burst for altcoins.
In a new strategy session, crypto strategist Kevin Svenson tells his 83,900 YouTube subscribers that he thinks Ethereum (ETH) and the low-cap altcoin market are gearing up for a big explosion.
He notes that the OTHERS chart, which tracks the market capitalization of all crypto excluding the top 10 digital assets and stablecoins, has historically broken its all-time highs after Ethereum surged to new record levels.
“The low-cap altcoins have been suffering because of Fed policy. But obviously today that has changed. There is a high likelihood that we see a quickening, something really, you know, really fast move for the low caps to new highs could be coming in the very near future. A pump that takes place quicker than most people expect.
That’s what I think is going to happen for a lot of these low caps. But the one thing that it does require is an Ethereum all-time high. In the last cycle, [an] Ethereum all-time high is what sent the low caps to the moon. And that is what we’re looking for now. Once Ethereum breaks its all-time high, I think very quickly these low-cap coins are going to swing back up with a lot of velocity with a slight delay, of course, because Ethereum’s right there right now.
And the low-cap alt coins are still a little bit further away down here, right? But I think we’ll get the move pretty soon for both of these.”
Last week, Fed Chair Jerome Powell sent the crypto markets flying after delivering a speech indicating that the Fed may soon ease monetary policy.
At time of writing, Ethereum is trading $4,779 while OTHERS is hovering at $310.277 billion.
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