Author: Ciaran Lyons, CoinTelegraph; Compiled by: Deng Tong, Golden Finance

A cryptocurrency analyst said that before Bitcoin is confirmed to break through the $100,000 mark, altcoins will continue to rise sharply Fluctuate between gains and pullbacks.

Pav Hundal, chief analyst of cryptocurrency exchange Swyftx, said at Aus Crypto Con 2024: "We are really looking forward to seeing this strong trend, and then we will focus on the rotation of capital."

Hundal While there are some “diamonds in the rough” outperforming Bitcoin, most altcoins, like several meme coins, are likely to “remain volatile” until Bitcoin breaks six-digit price levels. Previously, Bitcoin narrowly missed breaking $100,000, hitting $99,605. At press time, it was trading at $96,476.

As of the time of publication, Bitcoin is trading at $96,476. Source: TradingView

Hundal said: "I mean, they might see a 20%, 30%, 40% increase and then retrace most of the move the next day."

On November 21, Solana rose 12.98% in 24 hours, but fell nearly 13% in the next five days.

Even the major meme coins by market cap are seeing this pattern. According to data from CoinMarketCap, on November 15, after Coinbase and Robinhood announced the listing, Pepe surged by approximately 93.15% in just 24 hours, but retraced its gains of nearly 22% the next day.

When asked whether PEPE had the potential to achieve an "800% daily gain" like Doge did in the last cycle, Hundal said he "wouldn't underestimate that, but when you're talking about a high market cap , you do need capital to flow in.”

“When Bitcoin dominance returns to the downside, this sort of thing becomes more likely to happen.”

Bitcoin dominance measures Bitcoin’s share of market cap Percentage of the entire cryptocurrency market.

Hundal believes that Bitcoin dominance could reach "65% to 67%" and even "reach 70%" before starting to decline.

Hundal said: “For me, it’s not about trying to pick a PICO of Bitcoin dominance to determine when the altcoin market starts to decline.”

According to TradingView Data, as of press timeAt the time, Bitcoin’s dominance was 58.30%.

As of the time of publication, Bitcoin dominance is 58.30%. Source: TradingView

Anonymous crypto trader Mikybull Crypto said in an article on November 28 that “Bitcoin’s dominance will drop sharply starting next month.”

However, CryptoQuant CEO Ki Young Ju recently warned his 374,200 X followers not to expect the altcoin season to be like previous cycles.

Ju said this is due to institutional investors driving the current Bitcoin rally, who have little interest in more speculative coins.

Ju said: "Unlike cryptocurrency exchange users, institutional investors and ETF buyers have no intention of switching assets from Bitcoin to altcoins."

"In order to make altcoins Market caps are at all-time highs and they will require significant new capital inflows into cryptocurrency exchanges. Altcoin market caps being lower than previous ATHs indicate less fresh liquidity for new exchange users,” he added.