Veteran Trader Peter Brandt Predicts Bitcoin (BTC) Breakout Against Altcoins
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Veteran trader Peter Brandt believes Bitcoin’s dominance suggests a breakout when he spots a unique range pattern on the chart.
This could cause Bitcoin to surpass altcoins, which refer to other cryptocurrencies other than Bitcoin.
Brandt notes that the Bitcoin dominance chart has formed a 24-month rectangle with multiple upper and lower boundary contacts.
This is because the Bitcoin dominance metric has fluctuated in a range between 38% and 48% for over two years. Brandt believes that this is currently a limited area. However, a decisive eruption of this area would be of great importance, he added.
He predicted that Bitcoin would outperform alternative cryptocurrencies, writing: “My bias is that Bitcoin will bury all pretenders. In the end there will only be one ‘King of the Hill’ and that will be Bitcoin.”
According to data from TradingViewThe Bitcoin dominance rate, which is the market cap’s share of the total crypto market, hit a 10-month high of 48.90% on April 12 before falling.
At the time of writing, Bitcoin dominance was 48.50%, approaching highs last seen in June 2022.
Bitcoin season?
Wu Blockchain reports that the number of transactions on the Bitcoin blockchain hit a record high of 426,337 on April 29. This may be related to the demand for Bitcoin ordinal inscriptions. On April 29, the number of Bitcoin inscriptions minted in a single day exceeded 20,000 for the first time, setting a new high.
On-chain analysis firm IntoTheBlock reports that the seven-day average of daily Bitcoin transactions was at its highest this week since December 2017. The increasing number of daily transactions indicates increasing active use of the Bitcoin blockchain, IntoTheBlock researchers wrote.
Meanwhile, Bitcoin is now about a year away from its halving event. On-chain analysis firm Glass node notes that Bitcoin block 787,500 will be mined shortly, meaning the halving event is about a year away. Bitcoin halving events are autonomous and pre-programmed every 210,000 blocks.
Glassnode added that a 14-day average of the average block time estimates that we are 367 days away from the next halving event, given that the hash rate is volatile and finding blocks is probabilistic. This gives the estimated date of April 30, 2024.
