According to renowned expert Michael van de Poppe, the cryptocurrency market is at a critical moment. He suggests that the entire crypto market value is facing a major challenge similar to the one Bitcoin encountered at the $38,000 mark. If the market can push past a $1.6 trillion valuation, it could signal a strong move forward.
Crypto Market Analysis
The $1.6 trillion mark is a key obstacle to the total value of all cryptocurrencies. Van de Poppe notes that climbing above this threshold would mean the market has rebounded to the state it was in before a major drop, known as the Terra Crash. Such a move would indicate that higher values are not just possible but likely and could be reached sooner rather than later.
Van de Poppe’s analysis reveals that the market’s total value is nudging against this crucial barrier. The climb has been steady, suggesting a clear upward trend. He points out that surpassing this level would be a significant bullish indicator, with the next goals at $1.85 trillion and $2.2 trillion.
Beyond the Barrier: What Comes Next?
Should the market cap break through this critical level, the path to even higher valuations seems open. The $1.85 trillion and $2.2 trillion targets represent not just numbers but significant milestones that would confirm the market’s strong recovery and a long-awaited bull run.
According to van de Poppe’s analysis, the market is now at a decision point, hinted by the question mark next to one of the Fibonacci retracement levels on his chart. This suggests a time of reflection for the market, considering whether the current trend will maintain its strength or if the bears will wake up.
While the market’s value is increasing, the trading volume, shown at the bottom of the chart, does not give a clear indication. Experts suggest investors should remain vigilant, as increased value without a corresponding rise in trading volume could point to the need for caution. At the time of writing this article, the crypto market has seen an increase of 0.3% in the past 24 hours.
