Swyftx lead analyst Pav Hundal says that an “exuberant move” from Bitcoin is needed to kick off the highly anticipated altcoin season.
Altcoins will keep swinging between big rallies and pullbacks until Bitcoin confirms a breakout past the $100,000 mark, according to a crypto analyst.
“We’re really waiting to see that exuberant move, and then we’ll look at that rotation of capital,” crypto exchange Swyftx lead analyst Pav Hundal told Cointelegraph at Aus Crypto Con 2024.
Hundal said that while there are “diamonds in the rough” outperforming Bitcoin (BTC), like several memecoins, most altcoins will likely “remain choppy” until Bitcoin passes the six-figure price level. On Nov. 23, Bitcoin narrowly missed $100,000, reaching $99,605. At the time of publication, it’s trading at $96,476.
