Analyst Who Knows Every Step of Bitcoin (BTC): Big News…

Bitcoin: The leading crypto managed to rise above $20,000 again after taking a dive. However, it could not go beyond $22,000. So, it has been oscillating in this range for the past week. With Bitcoin (BTC) in limbo, Peter Brandt says a chart he shared could be big news.

Are good days on the horizon for Bitcoin?

An analyst, known for his accurate Bitcoin predictions, shared his latest predictions. Analyst Peter Brandt says in his latest tweet that the Bitcoin dominant chart could be “big news.” The successful analyst shared the following comment with a graphic from his Twitter account:

This chart could be big “news”. A sure retracement above 50% would be a huge positive BTC. It’s interesting that the general responses to this tweet are on a downward trend. With BTC above $50,000, I wonder how many of these negative responders have laser eyes.

The analyst says that breaking above the 50% level will be extremely positive for the leading cryptocurrency. Meanwhile, judging by the comments on his tweet, his followers prefer to be bearish for Bitcoin. Also, Peter Brandt reminds these people what they were thinking when BTC was above $50,000 and says you probably had laser eyes.

Bitcoin dominant chart shared by Peter Brandt / Source: TradingView

Bitcoin’s overall market share has increased significantly

At press time, Bitcoin accounts for 42.5% of the total market share, according to CoinMarketCap data. AmkNews.com As we reported, the market dominance of the flagship cryptocurrency has taken a huge market dip. However, earlier this month, it hit the highest level since October. Bitcoin’s market share indicates a growth trend in bear markets as it is perceived as a safer asset compared to altcoins.

The leading crypto was trading at $2,296, up 0.58% in the last 24 hours. In addition, its performance for the past week remains below the leading altcoin Ethereum with 5.28%. Bitcoin hit an all-time high of $69,000 on November 10 last year. On the other hand, this year has not been very good for the leading crypto and it has started to see sharp drops.

bitcoin

The Fed’s aggressive interest rate hikes, especially with inflation reaching historic highs in the US, reversed the liquidity flowing into the market. This caused strong winds to blow in the crypto market and a heavy winter to come. The dramatic crash of Terra (LUNA) as the market plummeted turned things around. Then the Celsius thing broke out. All this has led to serious loss of confidence among crypto investors. Therefore, the market’s recovery from the winter depends on the recovery of this confidence. Peter Brandt sees a light in Bitcoin. However, it is not clear whether that light is the light at the end of the tunnel or the lights of a speeding train. Let’s see what time will tell.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.