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- The total cryptocurrency market capitalization is fighting to overcome a crucial resistance.
- Van de Poppe says the $1.25 trillion region is significant in the crypto market development.
- The analyst likened the crypto market’s $1.25T level to the $6,000 price region for Bitcoin.
The total cryptocurrency market capitalization is fighting to overcome a crucial resistance, a break of which could initiate a significant rally, according to Michael van de Poppe, founder of Eight Global.
The total market capitalization of #Crypto is fighting a crucial resistance zone. Breaking through $1.25T is like breaking through $6K #Bitcoin, but it seems likely.Bear market relief rally then can continue to $1.65T (+30%) and in the best case towards $2.1-2.2T (+80%). pic.twitter.com/VOaFsk4eXj— Michaël van de Poppe (@CryptoMichNL) April 19, 2023
In a recent tweet, Van de Poppe revealed that the $1.25 trillion region is significant in the cryptocurrency market development. A screenshot of the crypto chart contained in Van de Poppe’s tweet showed that the total crypto market cap always struggled around the $1.25 trillion region. Van der Poppe likened it to the $6,000 price region for Bitcoin, a break above which opened the door for significantly higher levels in the BTC price development.
According to Van de Poppe, by overcoming $1.25 trillion, the total crypto market capitalization would open the way for a “bear market relief rally” that could continue to $1.65 trillion, representing a 30% rally from the current level. In the best scenario, Van de Poppe projected that the crypto market value could rally to $2.1 trillion – $2.2 trillion, reflecting an 80% profit from the market cap’s current value.
Van de Poppe’s comparison of the crypto market’s $1.25 trillion level to Bitcoin’s $6,000 confers on it a significant point in the life of the crypto market. For Bitcoin, even though it tested the $6,000 price a few times after the first break in 2017, it is considered a pivot in Bitcoin’s price development. It is a price level that many Bitcoin users believe that the flagship cryptocurrency would never drop below again.
Van der Poppe’s analysis received mixed reactions, with many of his followers agreeing with his opinion. One of the respondents shared a BTC analysis that aligns with the potential of a significant price rally in the event of a breakout. The respondent, another popular analyst, Ali, showed that BTC has broken above ‘0’ on the Reserve Risk indicator, a scenario that has produced multiple significant rallies in Bitcoin’s price before now.
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