- Hoskinson predicts a $10 trillion crypto market “Gigachad Bull Run.”
- Crypto market cap is 25% away from all-time highs.
- Ethereum consolidating; breakout above $4,100 may trigger major rally.
In what many are calling the calm before the storm, crypto analysts are now warning investors not to be fooled by the current price levels. Despite the recent surge in interest and decent price action across Bitcoin and altcoins, experts say the real bull market aka “Gigachad Bull Run” hasn’t even started yet.
Charles Hoskinson Predicts the “Gigachad Bull Run”
Cardano founder Charles Hoskinson believes we are on the verge of what he calls the “Gigachad Bull Run.” In a recent interview, he said,
“You’re going to have stablecoins go above one to two trillion in issuance. You’re going to have real-world assets come in. The total market cap aggregate is going to be over 10 trillion. And so I call this the gigachad bull run. you know, is like the biggest bull run we’ve ever had. And when Bitcoin starts stalling, then the alts will pop.”
Market Cap Nearing Important Thresholds
The data supports the theory that the market is still in its early stages. The total crypto market cap, which includes both Bitcoin and altcoins, is only 25% above its all-time high from the last cycle. That’s a strong indicator that the market is still in its early stages of growth.
But what’s even more significant is that the altcoin market cap hasn’t yet crossed its previous peak, hinting that altcoins are still undervalued and gearing up for a breakout.
Related: Altcoin Market Flashes ‘Golden Cross’ in Bullish Sign for Ether Alternatives
Ethereum: The Altcoin Market’s North Star
Ethereum continues to stay as the most important altcoin to watch. ETH current price structure shows that a period of consolidation may be underway, with indicators like the MACD showing momentum cooling off. However, historical data shows that similar periods in the past have been followed by explosive bull runs.
Related: Cardano’s Hoskinson: ERC-20, Ethereum’s Greatest Technical Feat
Technical models also hint that Ethereum is coiling up, and once it breaks out of this current resistance zone, the rally could be swift. The $3,300 to $3,500 range is a possible consolidation area before the next big move.
It’s currently hovering below its all-time high, and the analyst said that once it breaks the critical resistance zone between $4,000 to $4,100, the next leg of the bull market could begin, possibly pushing ETH towards a $5,800 target.
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