The indicator has reached a two-year resistance line at 48,49%

​Analyst Peter Brandt predicts an increase in bitcoin’s share of the crypto market

01.05.2023 - 07:30

262

2 min

The material is not an investment recommendation and is published for information purposes only.

What’s new? Analyst Peter Brandt reported that bitcoin’s dominance chart has been consolidating in a narrow range over the past two years. In this, he recorded that since the beginning of 2023, the share of the asset has increased and once again reached the resistance line at 48,49%. According to the analyst, if it is overcome, BTC will “bury all pretenders” and remain the “only one “King of the Hill,” in the crypto market.

What else did Brandt say? According to the chart provided by the analyst, bitcoin’s market share from April 2021 to the present has varied between 40% and 48,49%, testing the upper and lower boundary of the rectangular pattern on the chart multiple times. A decisive breakout of that limiting range into the upside would be crucial, Brandt believes. He tends to believe that the asset will take the lead in the industry.

Who is Peter Brandt? He is a cryptocurrency analyst and trader who has been working in the financial markets for more than 40 years. He is the creator of Factor Trading, a service that provides expert reports and analysis of asset value charts.

In March, Brandt already predicted new historical highs for the year. In February, the analyst found similarities on the BTC price chart with the events of 2019. According to Brandt, “price walls” patterns significant for the first cryptocurrency were also formed back then.

In January, he allowed the possibility that within an “inverse head and shoulders pattern,” BTC could rise above $30 000 by Q2, and also said that the first cryptocurrency reached the bottom, after which growth above $25 000 is possible.

As of May 1, 06:45 UTC, the value of bitcoin is $28 574, down by 2,42% in 24 hours (Binance’s data). The dominance of bitcoin is at the level of 46,9%.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy