- Michael van de Poppe predicts total market capitalization for cryptocurrencies will go higher.
- The total crypto market cap has remained unchanged for a while.
- The analyst projects the crypto market cap to climb above $1.6 trillion before the end of 2023.
Renowned crypto analyst and founder of MN Trading, Michael van de Poppe predicts that the total market capitalization for cryptocurrencies will go higher. According to Michael, the total crypto market cap has remained unchanged for a while. He believes the next move will be upward after the current trend is exhausted.
Michael expressed his opinion using illustrations on a three-day chart where he indicated some of the crucial areas. He used support and resistance levels, including low and high swings, to reveal the trend cycles in how the total crypto market cap developed. Michael projects the crypto market cap to climb above $1.6 trillion before the end of 2023.
The analyst shared a screenshot that showed the total crypto market was currently around $1.16 trillion. It has trended sideways since the middle of April this year, ranging between $1.25 trillion and 1 trillion. This trend coincided with Bitcoin’s price movement over the same period. The pioneer cryptocurrency tends to pull the rest of the crypto market during significant rallies.
Michael’s data show crypto market cap will rise to over $1.6 trillion by 2023, then decline to less than $1.3 trillion. It suggests the crypto market will experience a significant bull run during this period, with a pullback before the next Bitcoin halving.
Some are in agreement with Michael’s analysis. However, others think the crypto market will move in another direction. One respondent identified as Doctor Profit on Twitter believes the bull run will happen much later. According to Doctor Profit, the crypto market bull run comes with Bitcoin halving. He thinks the market will continue sideways until after the Bitcoin halving event.
Doctor Profit said the bull run will start three months after the Bitcoin halving, and his first minimum price target for Bitcoin will be $80,000.
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