Peter Brandt, who is well-known in the crypto community for his accurate predictions, believes that Bitcoin dominance is hinting at a breakout as he spots a unique range pattern on the chart.
In his tweet, Brandt points out that the Bitcoin % Dominance chart has now formed a 24-month rectangle with multiple upper and lower boundary contacts. He states that, for now, this is the confining range. However, a decisive breakout of this range would have huge significance. Brandt’s bias is that Bitcoin will bury all pretenders and that eventually, there will be only one “King of the Hill,” and it will be Bitcoin.
Bitcoin dominance rate is the market value’s share of the total crypto market, and according to data from CoinMarketCap, it reached a 10-month high of 48.90% on April 12 before declining. At the time of writing, Bitcoin dominance was 47.30%, nearing highs last seen in June 2022.
Brandt’s prediction is based on his analysis of the Bitcoin dominance chart, which he believes is showing a unique range pattern. While this prediction is by no means a guarantee, it is worth noting that Brandt has been correct in his predictions in the past, making him a respected figure in the crypto community.
If Bitcoin were to break out of its current range, it could have a significant impact on the crypto market as a whole. It could mean that Bitcoin is once again establishing itself as the dominant player in the market, leaving other cryptocurrencies in its wake.
As with any prediction in the volatile world of cryptocurrency, only time will tell whether Brandt’s analysis is correct. However, his tweet has certainly caught the attention of traders and enthusiasts, who will be watching the Bitcoin dominance chart closely in the coming days and weeks.
Source: https://azcoinnews.com/veteran-trader-peter-brandt-predicts-significant-bitcoin-dominance-breakout.html
