Veteran trader Peter Brandt notices a special range pattern on the chart and thinks that Bitcoin dominance is pointing to a breakout.
This might lead to Bitcoin outperforming altcoins, which are different cryptocurrencies from Bitcoin.
Brandt observes that a 24-month rectangle with several upper and lower border contacts has formed on the Bitcoin dominance chart.
This is due to the fact that the Bitcoin dominance indicator has fluctuated for more than two years between 38% and 48%. Brandt thinks that for the time being, this is a constricting range. However, he continued, a clear breakout of this range would be extremely significant.
He stated, “My bias is that Bitcoin will bury all pretenders,” predicting that Bitcoin will beat other cryptocurrencies. When that day comes, Bitcoin will be the lone “King of the Hill.”
The dominance rate of Bitcoin, which measures its market value as a percentage of the whole crypto market, peaked on April 12 at 48.90% before falling, according to data from TradingView.
The dominance of Bitcoin was 48.50% at the time of writing, approaching levels last seen in June 2022.
Bitcoin season?
On April 29, 426,337 transactions were recorded on the Bitcoin blockchain, according to Wu Blockchain. This could have something to do with how popular Bitcoin ordinal inscriptions are. On April 29, a record-breaking amount of Bitcoin inscriptions were created in a single day, surpassing 20,000 for the first time.
The seven-day average of daily Bitcoin transactions reached its highest level this week since December 2017, according to on-chain monitoring company IntoTheBlock. According to IntoTheBlock experts, the rising daily transaction volume points to expanding active use of the Bitcoin network.
The halving of Bitcoin will take place in roughly a year. According to on-chain analytics company Glassnode, Bitcoin block 787,500 will soon be mined, which suggests the halving event will take place in roughly a year. Every 210,000 blocks, Bitcoin will halve in value. These occurrences are automatic and preprogrammed.
According to Glassnode, given that the hash rate is unstable and block discovery is probabilistic, a 14-day average of mean block time suggests that the next halving event will occur in 367 days. The predicted date is April 30, 2024, according to this.
