Tech analyst and head of Factor LLC Peter Brandt believes that the first cryptocurrency will soon outperform other digital assets.
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
“I am of the opinion that bitcoin will bury all the impostors. In the end, there will be only one king of the hill,” he wrote.
The expert drew attention to the Bitcoin dominance chart (BTC.D), which tracks the share of the first cryptocurrency in the entire capitalization of the crypto market.
According to Brandt, the indicator is preparing for a breakthrough after a two-year consolidation in the form of a large rectangle. While the trend is in the “limiting range”, but the exit from it will be crucial for the asset, the analyst explained.
At the time of writing, BTC.D is at 48.4%. Probably, the indicator needs to overcome the 50% mark in order to start a bullish movement.
Recall that in April, the former top manager of Goldman Sachs and macro investor Raul Pal predicted the influx of a billion users into the crypto sector.
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