Experienced trader Peter Brandt believes that Bitcoin (BTC) is exhibiting a familiar pattern seen in bull markets, indicating a potential surge in the near future. Brandt, renowned for accurately predicting the 2017 Bitcoin crash, predicts that BTC could rally to approximately $80,000 as it approaches its short-term diagonal resistance. However, Brandt cautions that after the rally, Bitcoin may experience a significant correction, following a pattern commonly observed in Bitcoin bull markets.

Brandt’s chart analysis suggests that Bitcoin may experience a downturn at around $58,000, followed by an upward trend, adhering to the established pattern. As of now, Bitcoin is valued at $69,173, experiencing a 3.58% decline within the past 24 hours.

In addition, Brandt also shares his thoughts on the possibility of an altcoin season in the crypto markets. He believes that it is possible that an altcoin season may not occur, considering the strength of Bitcoin and the Bitcoin dominance (BTC.D) chart. Bitcoin dominance measures the percentage of the overall crypto market cap that belongs to Bitcoin. An increasing BTC.D chart indicates that Bitcoin is outperforming the general altcoin market.

Brandt’s chart analysis suggests that BTC could account for up to 66.32% of the crypto market cap, following a breakout from a multi-year consolidation phase between 39.50% and 48%. Currently, BTC.D is hovering at 54.24%.

Furthermore, Brandt is closely monitoring the Ethereum versus Bitcoin pair (ETH/BTC). He believes that ETH/BTC may have triggered a bear trap by reclaiming a critical support level at 0.0495 BTC ($3,421). A bear trap occurs when an asset drops below a support level but quickly recovers, potentially signaling a reversal in trend. At present, ETH/BTC is trading at 0.0506 BTC ($3,494).

Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are undertaken at one’s own risk, and any losses incurred are the individual’s responsibility. This article does not recommend the buying or selling of any cryptocurrencies or digital assets, nor does it serve as investment advice. It is important to note that The Daily Hodl engages in affiliate marketing.