Experienced trader Peter Brandt believes that Bitcoin (BTC) is exhibiting a familiar pattern seen in bull markets, which typically indicates an upcoming upward surge. Brandt, renowned for accurately predicting the 2017 Bitcoin crash, suggests that BTC could rally to approximately $80,000 as it approaches its short-term diagonal resistance. However, he cautions that after the rally, Bitcoin may experience a significant correction, following a pattern often observed in bull markets. Brandt illustrates this pattern on his chart and predicts a potential dip around $58,000 before a new uptrend begins. At the time of writing, Bitcoin’s value is $69,173, reflecting a 3.58% decrease in the last 24 hours.

Brandt also shares his perspective on the possibility of an altcoin season in the crypto markets. He believes that the strength of Bitcoin, as indicated by the Bitcoin dominance (BTC.D) chart, may prevent an altcoin season from materializing. BTC.D measures the proportion of the crypto market cap that belongs to Bitcoin, and an increasing BTC.D signifies Bitcoin’s outperformance compared to altcoins. Brandt questions whether an altcoin season will indeed occur.

According to Brandt’s chart, if BTC.D surpasses the multi-year consolidation range of 39.50% to 48%, Bitcoin could potentially make up around 66.32% of the crypto market cap. Currently, BTC.D stands at 54.24%.

The trader is also closely monitoring the Ethereum versus Bitcoin pair (ETH/BTC). Brandt suggests that ETH/BTC may have triggered a bear trap after reclaiming a critical support level at 0.0495 BTC ($3,421). A bear trap occurs when an asset falls 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).

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