Crypto Market Cap Could Rise 40% To $225B If Key Resistance Is Broken
The crypto market has actually seen a revival as of late, as the Bitcoin price bounced off what seems its final bearish market bottom, and rallied to $5,000 where it’s currently consolidating.
The most current move took the overall crypto market cap, that includes all altcoins and Bitcoin, from $140 billion to $180 billion where it was rejected at strong resistance. Need to the overall market cap break the present resistance level, one expert believes an almost 40% increase is in the cards, taking the crypto market cap possibly to $225 billion.
Crypto Market Cap Could Reach $225 Billion If Resistance Is Overcome
Finally, price action in the crypto market is warming up again, as bullish sentiment and an apparent alt season have made a comeback. While Bitcoin’s rejection at $5,400 has actually caused the general market to bleed out a bit during the pullback, the capacity for further upward movement is high given the reality that many indications are pointing towards a brand-new uptrend.
#Crypto Total Market Cap (Calculated by #TradingView ) : Current $161.9 Billion, Important Support now at $158 Billion & $144 Billion and resistance at $180 Billion, if manage to break out above $180 Billion then next possible Target will be at $225 Billion.Plz RT & SHARE — Mind Trader (@mindandtrading) April 11, 2019
If the uptrend does continue, one crypto analyst and trader has actually shared his thoughts on what level the overall crypto market cap might reach. If in fact the strong overhead resistance would be broken by bulls. Expert harmonic and wave trader, Mind Trader, believes that a break of resistance at $180 billion in the crypto market cap chart– a location that was just violently turned down– will result in a push over $200 billion towards $225 billion in total market capitalization.
Such a move would represent an over 38% increase in value, and likely validate that the crypto bearish market of 2018-2019 is done for.
Altcoin Market Cap Provides Insight on Where Bitcoin Prices Could Go Next
Mind Trader also shared his perspective on the overall altcoin market cap, which is essentially the total crypto market cap, not including Bitcoin. Bitcoin makes up the majority of the cryptocurrency market cap, so traders frequently remove it from their analysis to get a more accurate picture of what’s going on with altcoins directly.
#Altcoins Market Cap ( Calculated by #TradingView ) Current : $72.7 Billion, Support $70B & $68B and resistance $86 Billion, if manage to hold above $86 Billion then next possible Target will be $115 Billion. Plz RT & SHARE — Mind Trader (@mindandtrading) April 11, 2019
The analyst suggests that the next target for the altcoin market cap would be roughly $115 billion. That is if, in fact, resistance would be secured by bulls. This would mean that to reach the overall market cap of $225 billion, he’s forecasting, Bitcoin’s total market cap would have to reach $100 billion.
This would take Bitcoin’s price to about $5665, and it would mean that Bitcoin supremacy fell below 50% for the first time in 2019. A break of Bitcoin supremacy below 50% might cause a full-scale alt season to take place. Nevertheless, the price of Bitcoin would still be below resistance at $6,000, which is most likely to prove as difficult to break as it was when it acted as support throughout 2018. A break of $6,000 is likely the barrier to really firing up the next bull run for Bitcoin and its altcoin brethren.
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