Peter Brandt says Bitcoin will dominate other cryptocurrencies

Tech analyst and head of Factor LLC Peter Brandt believes that the first cryptocurrency will soon surpass the 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 believe that Bitcoin will bury all pretenders. In the end there will be only one king of the mountain,\” he wrote.

The expert pointed to the Bitcoin dominance chart (BTC.D), which tracks Bitcoin’s share of the total crypto market cap.

According to Brandt, the indicator is preparing for a breakout after two years of consolidation in the form of a large rectangle. While the trend remains in a confining range, the breakout will be decisive for the asset, the analyst explained.

As of writing BTC.D stands at 48.4%. The indicator will likely need to break above the 50% level to start a bullish move.

In April, former Goldman Sachs top executive and macro-investor Raul Pal predicted an influx of a billion users into the crypto sector.