Kevin Svenson posits that the most explosive phase for altcoins is still ahead. In a recent strategy session, he relayed to his 81,300 YouTube subscribers that historic trends indicate a potential astronomical breakout for the TOTAL3 chart.
The TOTAL3 chart provides insights into the market capitalization of all crypto assets except Bitcoin, Ethereum, and stablecoins.
In 2021, as Bitcoin reached high prices and settled into a volatile phase, the TOTAL3 saw remarkable gains. Svenson anticipates the altcoin surge will begin around the 40th week following the April 2024 halving event, likely by late January.
Currently, altcoins have yet to surpass their all-time highs in this cycle, unlike previous periods where a 170% rise in the TOTAL3 was observed post-halving. Svenson foresees substantial upward movement in altcoins over the upcoming weeks as Bitcoin potentially sustains its bullish momentum.
According to Svenson, the TOTAL3 market cap could rise to around $2 trillion, up from $982.2 billion. Furthermore, he expects BTC's dominance (BTC.D) to decline.
Historically, BTC.D reduces significantly around 40 weeks after a halving event. Svenson's analysis suggests a possible dip to 42% within six months, a sharp decrease from its current 58.01%.