Swyftx lead analyst predicts altcoins will remain shaky until BTC hits $100,000
Release: 2024/11/29 22:34 Reading: 659
Bitcoin's Ascent to $100,000 and the Impact on Altcoins
Pav Hundal, lead analyst at Swyftx, believes that altcoins will continue to experience significant fluctuations until Bitcoin reaches the $100,000 mark. Hundal posits that while some altcoins, including memecoins, have outperformed Bitcoin, they will remain volatile until Bitcoin makes a significant upward move during the current bull run.
Bitcoin's November 5th all-time high of $99,655 fell just short of $100,000. Since then, it has corrected and currently trades at $96,450, a 3.8% decline from its peak.
Hundal emphasizes that altcoins may rally significantly, up to 40%, but will likely retrace those gains quickly. He cites the example of Solana, which surged over 13% in a single day but subsequently lost most of its gains.
The Pepe memecoin experienced a similar pattern, rallying by over 93% after its listing on Coinbase and dropping by 22% the following day. Nonetheless, Hundal believes that such memecoins have the potential for "800% days," as seen in Dogecoin's past cycles.
Hundal's perspective was shared at the recent Aus Crypto Con 2024 in Sydney, Australia.
The Impact of Declining Bitcoin Dominance on Altcoins
Hundal anticipates a significant decline in Bitcoin dominance, which will favor altcoin rallies and potentially trigger the long-awaited altcoin season. According to CoinMarketCap, Bitcoin's current dominance is around 57%. However, Hundal suggests that it could temporarily rise to 70% before falling sharply.
Analysts' Predictions for Bitcoin Crossing $100,000
A recent Bloomberg report indicates that Bitcoin could soon surpass $100,000, fueled by continued support from incoming president Donald Trump. Several analysts, including Lennix Lai of OKX, concur with this assessment.
Lai predicts that Bitcoin will trade above $100,000 by the end of 2024. Ki Young Ju of CryptoQuant forecasts that Bitcoin will reach $135,000 by 2025. eToro's Josh Gilbert also expects Bitcoin to hit $100,000 by the end of the year.
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