Altcoin could create a 'big push' if these two things happen: Top analyst

Analyst Kevin Svenson, known for his accurate predictions about Bitcoin, recently made a noteworthy comment: altcoins are preparing for a strong bullish move.

Svenson shared in the latest strategic discussion that he is closely monitoring the OTHERS chart — an important indicator that tracks the total market capitalization of cryptocurrencies, excluding the top 10 digital assets and stablecoins.

The OTHERS chart is not just a simple tool for tracking the performance of altcoins but also a measure for investors to assess the overall trend of the cryptocurrency market. This is particularly important as altcoins, while not being the key assets like Bitcoin, have strong growth potential during major bullish cycles of the market.

According to Kevin Svenson, the OTHERS chart is currently following a price trend very similar to that of 2024, when altcoins undergo a period of correction before witnessing a strong explosion at the end of the year. This not only attracts the attention of analysts but also makes investors hopeful for a bright future for low-cap cryptocurrencies.

Correlation between Bitcoin, S&P 500 and Altcoin

Svenson noted that if Bitcoin and other assets like the S&P 500 continue to rise sharply and reach new record highs, the altcoin market is very likely to follow suit and experience strong growth. In the past, when Bitcoin and the S&P 500 reached simultaneous peaks, the OTHERS chart recorded a strong breakout, with a 140% increase in the most recent instance.

"The current setup on the OTHERS chart is almost identical to the previous phase - a time when we witnessed a strong bullish movement. Last time, this explosion occurred when both Bitcoin and the S&P 500 reached new all-time highs. Although Bitcoin has achieved that recently, the S&P 500 has not yet," Svenson shared.

Based on these analyses, this strategist predicts that if the S&P 500 and Bitcoin simultaneously set new records similar to November-December 2024, pushing the total market capitalization of OTHERS to 570 billion dollars, the altcoin market could witness a strong bullish trend. This would be a significant advancement for low-cap altcoins, which are currently in the sights of investors seeking new opportunities.

Source: Kevin Svenson/YouTubeAt the time of writing, OTHERS is at $233.72 billion, a figure not too large compared to the growth potential that Kevin Svenson predicts. If his forecast comes true, we will witness a significant change in the crypto market by the end of this year, as low-cap altcoins could surge strongly, leading to a substantial increase in value and interest from investors.

With the positive signals from Svenson's analysis, investors and traders in the cryptocurrency market may prepare for a promising phase. However, like all predictions about the financial market, these analyses are only for reference, and investing in cryptocurrency still carries many risks.

Emma