According to renowned expert Michael van de Poppe, the cryptocurrency market is at a critical moment. He suggests that the overall cryptocurrency market cap is facing a major challenge similar to what Bitcoin faced at around $38,000. If the market can surpass the $1.6 trillion valuation, that could signal a strong move forward.
Cryptocurrency Market Analysis
The $1.6 trillion figure is a major hurdle to the total value of all cryptocurrencies. Van de Poppe points out that a rise above this threshold means the market has bounced back to where it was before the big crash known as the Terra Crash. Such a move means that higher valuations are not only possible, but likely to be reached sooner rather than later.
Van de Poppe’s analysis shows that the total value of the market is hitting this important barrier. The rise is steady, indicating a clear upward trend. He points out that a break above this level would be an important bullish indicator and that the next targets would be $1.85 trillion and $2.2 trillion.
Beyond the Wall: What’s next?
If market capitalization breaks this critical level, the path to higher valuations appears open. The $1.85 trillion and $2.2 trillion targets are not just numbers, they represent important milestones that confirm a strong recovery in the markets and a long-awaited bull market.
Van de Poppe’s analysis shows that the market is now at a decision point and his chart shows a question mark next to one of the Fibonacci retracement levels. This suggests a period of market reflection on whether the current trend will remain strong or whether a weak rebound will occur.
While the market value is rising, the volume shown at the bottom of the chart does not provide a clear indicator. Experts suggest that investors should remain cautious as a rise in value without an increase in trading volume may warrant caution. As of this writing, the cryptocurrency market is up 0.3% in the last 24 hours.