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Peter Brandt, a seasoned trader renowned for accurately predicting the 2017 Bitcoin (BTC) collapse, has expressed his confidence that BTC is set to outperform all other digital assets.
He closely monitors the Bitcoin dominance chart (BTC.D), which tracks BTC’s portion of the total crypto market capitalization. According to Brandt, BTC.D has been consolidating in a large rectangle for about two years and looks poised to break out.
The Bitcoin % 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.… pic.twitter.com/KCS9Pt5dMx
— Peter Brandt (@PeterLBrandt) April 29, 2023
A breakout above the confining range would be hugely significant, and Brandt’s bias is that Bitcoin will outperform all other digital assets, burying any pretenders. He believes there will eventually be only one “King of the Hill,” Bitcoin.
The BTC.D chart shows that Bitcoin is gaining a larger portion of the overall cryptocurrency market. This could mean that Bitcoin is experiencing rapid growth compared to other crypto assets or that altcoins are decreasing in value more quickly than BTC.
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According to Brandt’s chart, a breakthrough would require BTC.D to exceed the 50% mark. Currently, BTC.D is hovering around 48.37%. Brandt has earned a significant Twitter following of 696,000 for his proven ability to forecast crypto market trends.
He has been trading for over four decades and has published multiple books on trading.
Brandt’s analysis of the BTC.D chart has led many to believe that Bitcoin is on the cusp of a major price movement, which could have significant implications for the entire crypto market.