Renowned trader Peter Brandt, known for his accurate predictions of the 2017 Bitcoin collapse, is once again making waves in the cryptocurrency industry.
Brandt has shared his views on the current state of the crypto market, claiming that Bitcoin (BTC) will surpass all other digital assets in terms of market dominance.
Brandt’s insights come from his observation of the Bitcoin dominance chart (BTC.D), which tracks how much of the total crypto market capitalization belongs to BTC.
According to Brandt, BTC.D has been consolidating in a large rectangle for around two years and appears poised to break out.
The trading veteran believes that a bullish BTC.D chart is an indication that Bitcoin is taking a larger share of the total market cap of crypto.
This could either mean that Bitcoin is growing in value faster than all other crypto assets or that altcoins are losing value faster than BTC. Brandt predicts that BTC will bury all pretenders eventually and be the only “King of the Hill.”
To ignite a breakout, Brandt’s chart suggests that BTC.D must take out the 50% level. At the time of writing, BTC.D is hovering around the 48.37% area.
