Cryptocurrency market capitalization is currently in a fight to overcome a resistance of $1.25 trillion, a break of which could potentially trigger an extensive rally, stated Michael van de Poppe the founder of Eight Global. Van de Poppe in his tweet evidenced a chart showing that the total crypto market cap has always been challenged at the said price region, which compared to Bitcoin's price development at $6,000, is a significant milestone in the cryptocurrency market.
According to Van der Poppe's forecast, should there be a successful breakout of the resistance, a "bear market relief rally" could take place pushing the total crypto market cap to $1.65 trillion, representing a 30% surge from the current value. In Van de Poppe's excellent case there is an expectation of even more profitability to $2.1 to $2.2 trillion, an increase of 80%.
These projections have received mixed comments, although many are in agreement with Van de Poppe's opinion. A popular analyst, Ali, also shared a BTC analysis backing the potential of a massive price activation in the event of a breakout. Ali demonstrated a Reserve Risk indicator with BTC above '0', a situation which has been observed to result in fabulous Bitcoin rallies in the past.
Presently, the cryptocurrency market is at the verge of a possible token price appreciation which could be activated by surpassing the current resistance. A price expansion of this scale has great benefits for traders, users and industry players, with a possibility to record remarkable increase in crypto market capitalization. All indicators seem to point towards a favorable outcome, hopefully, the cryptocurrency market is about to make a significant breakthrough.
William Brown
- 2023-04-19
Cryptocurrency Market Cap Struggles To Reach $1.25 Trillion
The cryptocurrency market capitalization is trying to break a major resistance of $1.25 trillion, which could trigger a strong rally, according to Eight Global Founder Michael van de Poppe. A successful breakthrough could lead to appreciation of token prices and record increase in the market cap.
![CandleFocus CryptoMarketCap-Cryptocurrency-Bitcoin-TokenPrice](https://images.candlefocus.com/Cryptocurrency-Market-Cap-Struggles-To-Reach-dollar1.25-Trillion.jpg)