Bitcoin’s price must breach a monthly range to make a decisive run.
Veteran markets analyst and trader Peter Brandt sees Bitcoin getting ahead and becoming the “King of the Hill” amidst the ongoing financial mess.
On Saturday, Brandt, a prop trader since 1975, took to Twitter to express his thoughts on the world’s largest cryptocurrency by market capitalization. The pundit noted that the Bitcoin % dominance chart had formed a 24-month rectangle with multiple upper and lower boundary contacts. According to him, the boundaries created a “confining range” that needed to be breached for the price to make a decisive run. Once BTC moves higher, it will Bury all altcoins.
“A decisive break out of this range would have huge significance. My bias is that Bitcoin will bury all pretenders BTC,” said Brandt adding, “Eventually, there will be only one “King of the Hill,” and it will be Bitcoin.”
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
Brandts comments come even as Bitcoin steps into May on a low note. Despite performing moderately well in April, the pioneer cryptocurrency opened on Monday red and was trading at $28,381 at press time after a 4.54% drop in the past 24 hours.
Bitcoin Fundamentals Turn Green
Despite the gloomy start, Bitcoin’s fundamentals have been turning green, indicating good things. Notably, after taking partial profits following the recent price rally to $30,000, Bitcoin whales have continued to stack sats sparing no expense.
According to on-chain analytics firm Santiment, since April 11, addresses holding 100 to 10,000 $BTC have added 64,094 coins back to their bags as prices dipped slightly.
? #Bitcoin whales have quietly accumulated again since profit taking above $30k on April 11th. Since this date, as prices wavered and dipped down slightly, addresses holding 100 to 10,000 $BTC have collectively added 64,094 coins back to their bags. ?https://t.co/Lx3msF58Wo pic.twitter.com/zUQC4BaW6F
— Santiment (@santimentfeed) April 29, 2023
On Sunday, popular crypto analyst “Ali Charts” also highlighted a chart from IntoTheBlock showing that 1.85M addresses had bought 650K BTC between $27,440 and $28,315, which acts as support. Additionally, he noted that 1.37M addresses had bought 530K BTC between $29,260 and $30,130, which acts as resistance. According to him, investors should thus watch out for these two key levels to determine the direction of Bitcoin.
To determine the direction of #Bitcoin, keep an eye on these two key levels:
? 1.85M addresses bought 650K $BTC between $27,440 and $28,315, which acts as support.
? 1.37M addresses bought 530K #BTC between $29,260 and $30,130, which acts as resistance. pic.twitter.com/z3gzPoe0vw
— Ali (@ali_charts) April 30, 2023
Notably, Bitcoin’s supply has also continued to tighten, with 54% of the total BTC supply remaining unmoved for two or more years, as per Glassnode data shared by Ali.
#Bitcoin supply continues to tighten, with 54% of the $BTC supply remaining unmoved for two or more years.
This holding pattern demonstrates long-term conviction despite the recent #BTC price fluctuations. pic.twitter.com/uEh8A2F3Kz
— Ali (@ali_charts) April 30, 2023
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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