Cryptocurrency Market Cap May Surge 37%. But There's One 'If'.
Dutch crypto trader and analyst Michael van de Poppe supposes that the crypto market capitalization indicator is at a crossroads now.
Mr. van de Poppe predicts that crypto market capitalization may skyrocket soon. He foresees the pattern which will allow it to surge 37%.
$BTC #CRYPTO— Crypto Michaël (@CryptoMichNL) January 10, 2020
Total market capitalization is showing a clear pattern too & on a crucial point.
If we maintain the green area around $196 billion as support, we'd be aiming $247-270 billion. Similar to February 2019 in structure.
If not -> $176 retest. pic.twitter.com/sJmwGoVSOx
By the way, this rally may be possible only if total market cap avoids falling below $196 billion. It should be noted that the crypto market capitalization has stayed above this point for the last 7 days. At printing time, this indicator is above $208 billion.
Crypto Spring or Crypto Winter?
The high scenario projects 37% percent growth of the crypto market capitalization. For Mr. van de Poppe it recalls the situation of February, 2019. It was this month that opened the road to Bitcoin (BTC) and Ethereum (ETH) all-year-highs in June, 2019.
But if market cap fails to support this level, it will soon dip below $176 billion. Last time the market demonstrated such indicators during the early days of May, 2019.