Analysts’ Opinions Indicate Cryptocurrency Market on the Verge of Recovery
Amidst the recent challenges faced by the cryptocurrency market, there is a growing sense of hope that the industry may be on the brink of a substantial recovery. Well-known crypto trading expert Michaël van de Poppe has provided valuable insights, indicating that the market has rebounded from a critical point and suggesting a potential upswing.
Aiming for $2 Trillion
Van de Poppe’s observations, shared in a post on X on January 26, suggest that the total market capitalization of the crypto sector is displaying signs of resilience.
The total market capitalization of the crypto market has experienced a rebound from a crucial point. It seems likely that we will continue to rise towards the $2 trillion mark in the near future.
According to his analysis of chart patterns, the market may be heading towards reclaiming the $2 trillion milestone it last reached in March 2022. This target was lost in early April 2022 after being maintained for almost a year.
A positive development highlighted by the expert is the resurgence of Bitcoin (BTC), the flagship asset in decentralized finance (DeFi). Bitcoin is now trading above the $40,000 mark, and further gains are expected as it approaches its next halving event.
Market Metrics & Recent Trends
As of the latest data obtained by Finbold from CoinMarketCap on January 27, the total crypto market cap currently stands at $1.59 trillion. This represents a 2.73% increase in the last 24 hours, a 1.85% decrease over the previous seven days, and a 4.22% drop on the monthly chart. Despite recent fluctuations, analysts believe that the market is poised for an upward trajectory.
If the predictions of experts like Van de Poppe come true, the overall crypto market cap could reach the $2 trillion mark by October of this year. Furthermore, the industry may set its sights on the coveted $3 trillion milestone, a level it came close to in November 2021 at $2.8 trillion.
Understanding Future Growth
Meanwhile, the crypto market seems to be displaying signs of recovery, and industry experts are optimistic about sustained growth in the coming months. Investors are closely monitoring market dynamics, anticipating positive developments that could propel the cryptocurrency market to new heights.