Veteran trader Peter Brandt, who rose to legendary status after mentioning Bitcoin’s (BTC) collapse in 2017, believes the king crypto will surpass all other digital assets.
Brandt tells his 696,000 Twitter followers that he closely monitors the Bitcoin dominance chart (BTC.D), which tracks how much of the total crypto market cap belongs to BTC.
According to the trading veteran, BTC.D seems ready to break out after about two years of consolidation in a large rectangle.
“Bitcoin’s dominance chart (percentage) has now formed a 24-month rectangle with multiple upper and lower bound contacts. For now, this is the limiting range. However, a decisive breakthrough of this range would be of great significance. My preconceived notion is that Bitcoin will bury all pretenders to BTC.
Ultimately, there will only be one King of the Hill and that will be Bitcoin.”
A bullish BTC.D chart indicates that Bitcoin is occupying a larger share of the total crypto market cap. It could mean that Bitcoin is growing in value faster than any other crypto asset or that altcoins are losing value faster than BTC.
Looking at Brandt’s chart, it seems that BTC.D needs to hit the 50% level to trigger a breakout.
At the time of writing, BTC.D is hovering at an area of 48.37%.
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Image generated: Midway through the journey
