Renowned trader Peter Brandt, known for accurately predicting the 2017 Bitcoin (BTC) crash, has shared his thoughts on the future of Bitcoin in the current crypto market.
In a recent tweet to his 696,000 followers, Brandt stated that BTC is set to outperform all other digital assets, and the Bitcoin dominance chart (BTC.D) could hold the key.
Brandt’s attention is focused on BTC.D, which tracks how much of the total crypto market capitalization belongs to BTC.
According to him, BTC.D has been consolidating in a large rectangle for about two years, and a decisive breakout from this range could have significant implications. Brandt’s bias is that BTC will bury all pretenders, eventually becoming the only “King of the Hill” in the crypto market.
A bullish BTC.D chart would suggest that BTC is taking a larger share of the total market cap of crypto, meaning that it is growing in value faster than all other crypto assets, or altcoins are losing value faster than BTC. To ignite a breakout, Brandt’s chart indicates that BTC.D must take out the 50% level.
At the time of writing, BTC.D is hovering around the 48.37% area. If Brandt’s predictions hold true, this could mark a significant shift in the crypto market, with BTC leading the way.