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A top crypto analyst and trader says Bitcoin (BTC) and the rest of the crypto markets are on the cusp of a massive breakout that can push the valuation of all digital assets to $10 trillion.
Justin Bennett tells his 73,600 followers that the TOTAL chart, which tracks the market capitalization of all cryptocurrency assets, is threatening to take a crucial resistance area.
“Total crypto market cap is holding steady below resistance. $2.4 trillion is the level to break. $2.44 trillion to be safe.”
Bennett predicts that once TOTAL takes out its final resistance area, the skies are clear for a rise to $10 trillion in a matter of months.
“Total crypto market cap is testing its May trend line. Break that and carve fresh all-time highs, and we just might get that $10 trillion market cap in early 2022. Weekly chart.”
In other trending Bitcoin News today: Bitcoin’s $100K price target returns as BTC price breaks out of bull pennant!
Bitcoin looks poised to pursue a run-up towards $100,000 as its price breaks out of a classic bullish structure.
Dubbed as the Bull Pennant, the setup represents a price consolidation period with converging trendlines that form after a strong move higher. It ultimately prompts the price to break out in the direction of its previous trend to a level typically at length higher by as much as the size of the initial large move.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://cointelegraph.com/news/long-term-bitcoin-bulls-hodl-strong-despite-five-month-price-high