bBitcoin (BTC) experienced a major rally after Trump won the US presidential election and reached the $100,000 mark.
However, altcoins have not experienced gains, but they have not met expectations and have not experienced a major rally. While investors are wondering when the altcoin rally will begin, one analyst said that altcoins will fluctuate between major increases and pullbacks until Bitcoin breaks the $100,000 mark.
Pav Hundal, chief analyst at cryptocurrency exchange Swyftx, predicted that altcoins will likely experience volatility and ebb until Bitcoin’s six-figure price level surpasses $100,000.
At this point, the analyst said that a big and enthusiastic move from Bitcoin is needed for the expected altcoin season to begin.
“The expected altcoin rally seems to be tied to Bitcoin. Until there is a big move from Bitcoin and $100,000 is broken, a big rally in altcoins will not start.
“Altcoins will remain volatile until Bitcoin breaks $100,000. So they could see a 20%, 30%, 40% gain, but the next day most of that move could pull back.”
Stating that the key to the altcoin rally is Bitcoin dominance, Hundal said that Bitcoin dominance could reach the 65-67 range or even 70 levels before falling.
*This is not investment advice.
