dailyhodl.com
Seasoned trader Peter Brandt, who gained legendary status after calling the 2017 Bitcoin (BTC) collapse, believes that the king crypto is set to outperform all other digital assets.
Brandt tells his 696,000 Twitter followers that he’s keeping a close watch on the Bitcoin dominance chart (BTC.D), which tracks how much of the total crypto market capitalization belongs to BTC.
According to the trading veteran, BTC.D looks poised to break out after consolidating in a large rectangle for about two years.
“The Bitcoin (percentage) dominance chart has now formed a 24-month rectangle with multiple upper and lower boundary contacts. For now, this is the confining range. However, a decisive breakout of this range would have huge significance. My bias is that Bitcoin will bury all pretenders BTC.
Eventually, there will be only one ‘King of the Hill,’ and it will be Bitcoin.”
A bullish BTC.D chart indicates that Bitcoin is taking a larger share of the total market cap of crypto. It could either mean that Bitcoin is growing in value faster than all other crypto assets or that altcoins are losing value faster than BTC.
Looking at Brandt’s chart, it appears that BTC.D must take out the 50% level to ignite a breakout.
At time of writing, BTC.D is hovering at 48.37% area.
Generated Image: Midjourney