Peter Brandt, a well-known trader and author of Factor Trading Service, made a bullish prediction for Bitcoin in his latest tweet.
Brandt Evaluates Bitcoin Dominance
He said that the BTC dominance chart, which measures the ratio of Bitcoin's market cap percentage to the total cryptocurrency market, forms a 24-month rectangular pattern with multiple upper and lower bound themes.
He said that a definitive break of this range will be of great importance for the future of BTC and the cryptocurrency industry.
“My view is that Bitcoin will bury all fake BTC. In the end there will only be one 'king' and that will be Bitcoin,” he wrote.
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
Brandt's tweet implies that he expects BTC to outperform and outperform all other cryptocurrencies in terms of value and adoption. He also suggests that BTC is the only real and original cryptocurrency that deserves to be the market leader.
Peter Brandt is an experienced trader and writer specializing in classic charting and risk management. He has been trading for over forty years and has written several books on trading.
He is also quite active on Twitter, where he shares his views and analysis on various markets, including BTC and other cryptocurrencies.
*Not investment advice.