Pav Hundal, the lead analyst at Swyftx, believes altcoins remain in a cycle of massive gains and pullbacks until Bitcoin reaches the $100,000 level. The analyst also suggested that while several coins, including some memecoins, have been outperforming the top cryptocurrency, altcoins will remain shaky until BTC manages an ‘exuberant move’ during the bull run.
Bitcoin hit an all-time high of $99,655 on November 5, which was a little shy of $100,000. Since then, the coin has corrected and is currently about 3.8% below its ATH. BTC is trading at around $96,450 at the time of writing, about 1.30% up in the past 24 hours.
Hundal explained that altcoins could rally “20%, 30%, or even 40%,” but insisted they will still retrace almost immediately. The analyst gave an example of Solana, which gained over 13% in one day. The coin lost most of its gains the following day.
The Pepe memecoin rallied by over 93% after its listing on Coinbase and shed over 22% of the gains the following day. Hundal still confirmed that the memecoin could manage “800% days” as seen in Dogecoin’s previous cycles.
Pav Hundal shared his opinion at the recent Aus Crypto Con 2024, which took place from November 23 to 24 in Sydney, Australia. The convention is the largest crypto event in Australia and has previously featured speakers like MicroStrategy’s Michael Saylor, Tron’s Justin Sun, and Swyftx’s Amanda Khoo.
Swyftx’s Pav Hundal says lowering BTC dominance will favor altcoins
Violent declines in Bitcoin dominance will begin next month.
I don't think this time will be different. pic.twitter.com/XT7sYlWgDs
— Mikybull 🐂Crypto (@MikybullCrypto) November 28, 2024
The analyst explained that lower BTC dominance would favor altcoins rallying and probably trigger the altcoin season. According to data from CoinMarketCap, the current BTC dominance is about 57%. Hundal still suggested that the coin’s dominance might skyrocket to about 70% before dropping.
Hundal faced resistance from independent X trader, Mikybull Crypto suggested that Bitcoin’s dominance will drop violently beginning next month.
CryptoQuant’s CEO and co-founder Ki Young Ju suggested that when the altcoin season begins, it will be different from previous ones. Young Ju highlighted the ongoing rally and the contribution of institutional demand to the price spike.
The CryptoQuant CEO also mentioned that institutional investors are not planning to swap their BTC for altcoins. Young Ju insisted that altcoins would require a massive capital influx to trigger a lasting rally.
Analysts discuss the possibility of BTC crossing $100,000
We're in the bull market. #Bitcoin will go up.
Apologies for my off prediction on the short-term correction. I wasn't implying a bear market, just a correction.
Based on the cumulative capital flowing into the #Bitcoin market, the current upper limit appears to be $135K. https://t.co/hd09s1TJo4 pic.twitter.com/RB3lv3fw6w
— Ki Young Ju (@ki_young_ju) November 17, 2024
A recent Bloomberg report suggested that Bitcoin might soon cross $100,000. The report mentioned that the top crypto’s price boost would be triggered by the continued support crypto is getting from incoming president Donald Trump.
Multiple analysts, including OKX global chief commercial officer Lennix Lai, have agreed with the analysis.
Lai reportedly said that the top crypto would trade above $100,000 by the last day of trade in 2024. The OKX executive mentioned a paradigm shot that might trigger a growth cycle for cryptocurrencies. Lai still warned investors of the macroeconomic changes that could render the current bull run short-lived.
Ki Young Ju also projected that BTC will hit above $100,000. On November 17, Young Ju tweeted that BTC will hit $135,000 by 2025. The CryptoQuant CEO added that the top crypto might attain around $122,000 by the end of this year.
eToro market analyst Josh Gilbert also expects BTC to hit $100,000 by the end of the year. Gilbert reportedly mentioned that the recent rise in institutional interest in the coin might contribute to the uptick.
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