Pav Hundal, lead analyst at Swyftx, shared his views on the future of altcoins and their reliance on Bitcoin's movements. The analyst believes altcoins will continue to exhibit high volatility until Bitcoin reaches the $100,000 mark.
Bitcoin's Influence on Altcoins
Swyftx analyst Pav Hundal emphasizes that altcoins are in a cycle of massive gains and pullbacks, awaiting Bitcoin's 'exuberant move.' Despite several coins, including memecoins, outperforming the top cryptocurrency, altcoins will remain shaky until Bitcoin demonstrates a significant shift. For instance, Solana showed a 13% gain in one day but lost most of its achievements the next day. The Pepe memecoin surged 93% after its addition on Coinbase, but shed over 22% the following day.
Predictions on Bitcoin Dominance
Hundal added that lower BTC dominance would favor altcoins rallying and might trigger the altcoin season. According to CoinMarketCap data, current BTC dominance is about 57%. However, it could increase to 70% before declining. Independent X trader Mikybull Crypto believes that Bitcoin's dominance might decline sharply beginning next month. CryptoQuant CEO Ki Young Ju also noted that the altcoin season starting now will be different from the previous ones due to high institutional demand for cryptocurrencies.
Analysts Discuss Bitcoin Predictions
A recent Bloomberg report suggested that Bitcoin might soon cross the $100,000 mark. Possible growth factors include ongoing support for cryptocurrencies from president-elect Donald Trump. Various analysts, including OKX's global chief commercial officer Lennix Lai, agree with these predictions. Ki Young Ju projected that BTC could reach $135,000 by 2025 and rise to around $122,000 by the end of this year. eToro's market analyst Josh Gilbert also expects BTC to exceed the $100,000 milestone by year's end due to increased institutional interest.
Pav Hundal and other analysts predict that the fate of altcoins in the near future will be closely linked to Bitcoin's dynamics. The impact of institutional demand and economic changes could significantly influence the further development of the cryptocurrency market.
