A prominent analyst says Bitcoin and the rest of the crypto market are preparing for a massive rally that could push crypto market cap to $ 10 trillion.
Justin Bennett told his 73,600 followers that the TOTAL (Total Crypto Market Cap) chart is showing signs of strength.
“Total crypto market cap is consolidating just below the resistance of $ 2.4 trillion. This shows that investors are in no rush to sell off and are expecting a higher price. “
TOTAL daily chart | The source: Justin Bennett / Twitter
At the time of writing, TOTAL is trading at $ 2.33 trillion.
Bennett predicts that once TOTAL breaks its ultimate resistance, the sky will be its limit.
“The entire crypto market capitalization is retesting the resistance line formed since the ATH level in May. A break above this line will confirm the continuation of the uptrend. Thereafter, TOTAL will enter the pricing zone and reach $ 10 trillion by early 2022.”
Weekly TOTAL chart | The source: Justin Bennett / Twitter
Looking at Bennett’s chart, the analyst expects TOTAL to reach a valuation of $ 10 trillion by March 2022.
Bennett has speak that Bitcoin must lead the market.
“Though it’s a bit naive to think that total crypto market cap will hit $ 10 trillion within the next three to six months. However, the momentum will change tremendously once BTC breaks above $ 65,000. In addition, the total market capitalization has increased 20 times since March 2020, 4.2 again there is nothing.
Note that BTC needs to break out above $ 65,000. That’s the most important”.
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According to Dailyhodl