Peter Brandt says Bitcoin will be “The Only King Of Hill” if this happens

Bitcoin’s price needs to break a monthly range to make a decisive run.

Veteran market analyst and trader Peter Brandt sees Bitcoin move on and become “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 superintendent noted that the Bitcoin % dominance chart had formed a 24-month rectangle with multiple upper and lower boundary contacts. According to him, the limits created a “limiting area” that had to be breached for the price to make a decisive run. As BTC moves higher, it will Bury all altcoins.

“A decisive break out of this area would be very significant. My bias is that Bitcoin will bury all BTC pretenders,” so Brandt adds, “In the end, there will only be one ‘King of the Hill’ and that will be Bitcoin.

The Bitcoin % Dominance chart has now formed a 24-month rectangle with multiple upper and lower boundary contacts. Currently, this is the restricted area. However, a decisive eruption of this area would be of great importance. My bias is that Bitcoin will bury all pretenders $BTC.… pic.twitter.com/KCS9Pt5dMx

— Peter Brandt (@PeterLBrandt) 29 April 2023

Brandt’s comments come even as Bitcoin enters May on a low note. Despite performing moderately well in April, the pioneer cryptocurrency opened Monday in the red, trading at $28,381 at press time after falling 4.54% in the past 24 hours.

Bitcoin Fundamentals Go Green

Despite the gloomy start, Bitcoin’s fundamentals have turned greener, indicating good things. In particular, after taking partial profits after the recent price rise to $30,000, Bitcoin whales have continued to stack bets without sparing expenses.

According to the chain analysis firm Santiment, since April 11 addresses with 100 to 10,000 $BTC have added 64,094 coins returned to their bags as prices fell slightly.

🐳 #Bitcoin whale has been quietly accumulating again since the profit topped $30k on April 11th. Since this date, as prices have fluctuated and fallen slightly, addresses have held 100 to 10,000 $BTC have put a total of 64,094 coins back into their bags. 💰 pic.twitter.com/zUQC4BaW6F

— Santiment (@santimentfeed) 29 April 2023

On Sunday, the popular cryptoanalyst “Ali Charts” as well highlighted a chart from IntoTheBlock showing that 1.85 million addresses had bought 650K BTC between $27,440 and $28,315, which acts as support. Additionally, he noted that 1.37 million addresses had bought 530K BTC between $29,260 and $30,130, which acts as resistance. According to him, investors should therefore watch out for these two key levels to determine the direction of Bitcoin.

To determine the direction of #Bitcoinkeep an eye on these two key levels:

1.85 million addresses bought 650,000 $BTC between $27,440 and $28,315, which acts as support.

🔴 1.37 million addresses bought 530K #BTC between $29,260 and $30,130, which acts as resistance. pic.twitter.com/z3gzPoe0vw

— Ali (@ali_charts) 30 April 2023

Notably, Bitcoin’s supply has also continued to tighten, with 54% of the total BTC supply remaining untouched for two or more years, according to Glassnode data shared by Ali.

#Bitcoin supply continues to tighten, with 54% of $BTC the supply remains untouched for two or more years.

This holding pattern shows long-term conviction despite the recent past #BTC price fluctuations. pic.twitter.com/uEh8A2F3Kz

— Ali (@ali_charts) 30 April 2023