The post Peter Brandt Predicts Bitcoin Dominance Will Hit 66%—What’s Next for the Market? appeared first on Coinpedia Fintech News
Bitcoin (BTC) price has led the wider cryptocurrency market in a single percentage gain during the past 24 hours. The tariff war resolution between the United States and its neighboring countries, Canada and Mexico, contributed to the relief rally in the past 24 hours. However, the tariff retaliation from China to the U.S. has complicated the situation, thus creating more short-term uncertainty.
After hitting a local high of about $102.5k on Monday, Bitcoin price dropped around 3 percent earlier on Tuesday to trade at about $99.2k at the time of this writing. The wider altcoin industry followed Bitcoin’s price action in tandem, thus leading to an 8 percent bump in the total crypto market cap to hover at about $3.46 trillion.
Brandts on the Bitcoin Market
According to market expert Peter Brandt, Bitcoin dominance will rally towards 66 percent against the altcoin industry in the near future. With the rising adoption of Bitcoin by institutional investors and soon nation states, Brandt believes that Bitcoin will continue to yield its dominance in the near future.
Brandt noted that the Bitcoin price has been ranging between $109k and $90k. As a result, a consistent close outside the consolidation range will lead to a major breakout in the subsequent months. In case of a bearish breakout, Brandt has set a target of around $75k and a short-term target of about $135.9k in case of a bullish breakout.
On the Flipside
After an impressive rally in the past two years, amounting to over 500 percent, Bitcoin price is likely to experience a lower bullish momentum compared to the altcoin market in the near future. According to Eric Trump, the executive vice president of the Trump organization, now is a great time to consider Ethereum.
Moreover, the ETH/BTC pair has been trapped in a multi-year falling trend but recently retested a crucial support level above 0.023. Consequently, it is safe to assume that the altseason is on the horizon despite the rising Bitcoin dominance.