Shortly after US trading began, the crypto space geared up and grew. As Bitcoin price breaks through tight consolidation and heads towards the crucial $30,800 resistance, the market capitalization is also heading towards levels above $2 trillion.
The market capitalization of the crypto space, which has been crawling along the lower support of a pattern since the start of the year, is expected to increase significantly and mark new highs in the coming days.
First, Bitcoin appears to be in a strong position at the moment, as the price has held above $30,000, despite multiple bearish attempts to push the price lower. Additionally, altcoins maintained a consistent trend as BTC dominance surged above 50%, indicating that the token holds the maximum liquidity in the markets.
Meanwhile, the global crypto market cap has also been stuck below $1.19 for a long time and the recent rally could be a signal of the uptrend ahead.
The global crypto market capitalization is following a multi-year rising wedge pattern with a clear support and resistance line flashing the highs and lows of the next bull cycle. In previous bull markets, markets have moved past 77 or 78 weeks after the halving. Now that the halving is predicted for April 2024, the next market top could be in October 2025. Also, if we combine the tops of the previous ones, the next market top is supposed to be around $12 trillion, indicating an 11x rally from the current point.
Given that Bitcoin and Ethereum now hold similar dominance, the highest price of Bitcoin (BTC) could be around $330,000 and the price of ETH could reach levels above $20,000. Now that both major cryptos have shown significant strength, the upward trajectory is believed to persist for some time before the bear triggers a minor correction. Therefore, as suggested above, the price of BTC could trigger a strong rally very soon which could be 3-4 times higher than previous rallies.
