Still another 15-25% to travel [in my opinion]. meaning a minimum of another half-hour lower for many altcoins.”
Re-analyzing his trendline once more 2 hours later, aviator warns the support appearance implausibly unstable.
“BTC testing [the trendline] once more. appearance weak af.
A close below [the trendline] and crypto unravels even additional.”
Bitcoin is commercialism for $20,671 at time of writing, still on top of Bennett’s foreseen trendline.
The crypto bargainer turns his attention to the full crypto capitalization (TOTAL), reminding traders he expects the previous cycle peak can act as support for the present markets. “I denote this a jiffy back, however $730 billion is that the measured objective and also the previous cycle peak for TOTAL.
billion-$730 billion is that the support space to observe throughout this next move.”
Bennett currently thinks TOTAL can drop below the support he antecedently recommended.
“The next leg lower appearance impending. This is wherever we’re likely. Another 15-25% to achieve the full confluence of support and measured objective.
Expect a half-hour drop for many altcoins.”
The TOTAL crypto market cap sits at $8.97 billion, still higher than the previous peak cycle support Floyd Bennett highlighted. Check worth Action
Crypto Market Cap Grows despite Overall Bearish Appearance
Although overall market appearance might be characterized as bearish, the crypto market cap continues to climb.
Much of this increase has been thanks to the combined efforts of Bitcoin and Bitcoin Cash, which are now competing head-to-head for the top position in terms of total market cap.
As interest in cryptocurrencies continue to grow, it will be interesting to see whether either Bitcoin or Bitcoin Cash can win out over the other, or if they will split the market between them like we’ve seen in past months.
What does this mean for cryptocurrency?
The current bear market has only gotten worse since February.
But there are some signs that it may be coming to an end.
This can be seen in a few metrics, one of which is total crypto market cap, which recently hit $190 billion—the highest it’s been since August 2018.
Crypto investors have become less willing to sell their coins as time goes on, suggesting there will be more upward price pressure in the near future.
Does this change your trading strategy?
In order to safely trade in crypto, it’s important that traders are able to analyze and make predictions based on what they see happening.
While there is still an overall bearish sentiment when it comes to trading in crypto markets, there have been warning signs that cryptocurrencies may be bouncing back soon.
Crypto market cap had grown substantially over a period of a few days, giving analysts reason to believe that while there are no guarantees, another bullish run could be on its way.
Is the bear market over?
The cryptocurrency market has rebounded after hitting a low on January 15th of $3,650. At press time, crypto’s total market cap is currently sitting at $121 billion; however, it is down roughly 7% from yesterday’s high of $129 billion.
The major coins are all seeing red with Bitcoin (BTC) and Ethereum (ETH) each dropping below 8%. XRP and EOS are performing better than their peers with gains of 1.5% and 1%, respectively.
How high can crypto go?
Currently sitting at a market cap of around $217 billion, cryptocurrencies are starting to attract some attention. But just how high can they go?
A recent study by Satis Group has done some extensive research on that very topic.
Their estimation: total crypto market cap could reach as high as $5 trillion by 2028.
That’s quite a bit more than today’s level, but is it feasible? It all depends on adoption rates and industry maturation.