The crypto market has been able to recover somewhat over the past few weeks. The Bitcoin course was able to climb over $40,000 and the Ethereum course briefly over $3,000. But yesterday there was a sale. Now the question arises as to how the crypto market might behave in the near future. To do this, we analyze the market capitalization of the entire crypto market and assess whether Bitcoin and other altcoins will rise or fall in the future.
Since the market cap of the entire crypto market broke a key trend line that had served as support throughout the bull run, the market cap has dropped significantly. During the crash, market cap formed a resistance trend line. This trend line has been pushing market cap down for months. A few days ago, the price found resistance at this trend line, which is why the market capitalization has decreased again. Due to the last rebound, we assume that prices will fall even more in the near future. The crypto market could go lower than it did about three weeks ago. Thus, the market cap could soon be less than $1.49 trillion.
How far will the market cap go down?
Since the market capitalization of the crypto market continues to respect the trend line, we expect prices to fall more sharply. The next market cap supports are at $1.36 trillion and $1.125 trillion. These two supports equate to the $30,000 support on the bitcoin price. When the Bitcoin price was $30,000, the crypto market had this market cap. As the two supports are the next major ones, the market cap could drop towards them in the near future. Because of this, the crypto market would drop by around 30% on average.
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