Soon after the beginning of the American trade, the crypto space geared up and rose. With the Bitcoin price rising above the narrow consolidation and heading towards the crucial resistance of $30,800, the market cap is also heading to seal levels above $2 trillion.
The market cap of the crypto space, which has been crawling along the lower support of a pattern since the beginning of the year, is expected to elevate significantly and mark new highs in the coming days.
Firstly, Bitcoin appears to be in a strong position at the moment, as the price has sustained above $30,000, withstanding multiple bearish attempts to drag the price lower. Besides, the altcoins have maintained a consistent trend as the dominance of BTC has surged above 50%, which indicates the token is holding the maximum liquidity within the markets.
Meanwhile, the global crypto market cap was also stuck below $1.19 for a long time and the recent upswing may be a signal of the upcoming bullish trend.
The global crypto market cap is following a multi-year rising wedge pattern with a clear support and resistance line that flashes towards the highs and lows of the next bull cycle. During the previous bull markets, the markets topped 77 or 78 weeks after the halving. Now that the halving is scheduled for April 2024, the next market top could be in October 2025. Further, if we combine the tops of the previous ones, the next market top is assumed to be around $12 trillion, which indicates an 11x rally from the current point.
Considering Bitcoin and Ethereum hold similar dominance now, the Bitcoin (BTC) price top could be around $330K, and the ETH price may hit levels above $20,000. Now that the top two cryptos have been displaying significant strength, the upward trajectory is believed to persist for a while before the bear triggers a minor correction. Hence, as suggested above, the BTC price may trigger a strong bull run very soon which may be 3x to 4x than the previous rallies.
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