Trader Peter Brandt predicts a breakout rally for BTC amid the “fundamental” bull market pattern – but there’s a catch
Veteran trader Peter Brandt says Bitcoin (BTC) exhibits a general bull market pattern that typically precedes an uptrend.
The trader, who achieved legendary status after calling Bitcoin's collapse in 2017, says BTC could soon rise to around $80,000 as it threatens to overcome its short-term diagonal resistance.
However, Brandt warns that BTC could see a significant correction following the rally, following a pattern often seen in Bitcoin bull markets.
“The same underlying pattern has been common in previous Bitcoin bull markets.”
Source: Peter Brandt/X
Looking at the trader's chart, it seems to indicate that the rise or upward move will be followed by a decline at around $58,000. If Bitcoin follows this pattern, BTC will start a new uptrend after the dump phase.
At the time of writing, Bitcoin is worth $69,173, down 3.58% in the last 24 hours.
The trader also shares his thoughts on the likelihood that crypto markets will experience an altcoin season. According to Brandt, it is within the realm of possibility that an altcoin season will not occur due to the strength of Bitcoin and the Bitcoin Dominance (BTC.D) chart.
Bitcoin dominance measures how much of the crypto market cap is owned by BTC. A rising BTC.D chart shows Bitcoin outperforming the general altcoin market.
says Brandt,
“What if there was no altcoin season?”
Based on the trader's chart, he appears to be suggesting that BTC could account for up to 66.32% of the crypto market cap after BTC.D broke out of a multi-year consolidation between 39.50% and 48%.
At the time of writing, BTC.D is at 54.24%.
The trader is also keeping a close eye on the Ethereum vs Bitcoin (ETH/BTC) pair. Brandt says ETH/BTC may have triggered a bear trap after reaching a critical support level at 0.0495 BTC ($3,421).
A bear trap occurs when an asset falls below a support level but quickly reclaims it, potentially triggering a trend reversal.
At the time of writing, ETH/BTC is trading for 0.0506 BTC ($3,494).
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