Veteran trader Michaël van de Poppe has set a target of $2.2 trillion for the total crypto market cap if it can break above the $1.6 trillion mark, with market analyst EGRAG projecting the altcoin market cap to hit $1 trillion.
Van de Poppe’s analysis came up today amid a consolidation phase that the total crypto market capitalization has faced below the pivotal $1.6 trillion threshold. Notably, the global market cap has seen a decline amid the recent market-wide correction.
The bulls continue to hedge against further drops, triggering favorable responses to each slump. This battle between both parties has resulted in the consolidation van de Poppe pointed out. This consolidation, which began on Dec. 5, ranges between $1.47 trillion and $1.63 trillion.
Global Crypto Market Targets $2.2 Trillion
The total crypto market cap had surged 17.6% from a low of $1.386 trillion on Dec. 1 to $1.630 trillion on Dec. 9 before facing intense resistance. This resistance has triggered the ongoing consolidation.
Van de Poppe emphasized that the roadblock facing the global crypto market cap is similar to the resistance Bitcoin (BTC) observed at $38,000. Notably, the $38,000 resistance impeded Bitcoin’s upward growth from Nov. 15 to Dec. 1 before the premier crypto eventually broke above it.
According to the analyst, if the crypto market cap can also break above the $1.6 trillion resistance, its value would surge to the pre-Terra collapse point. Like Bitcoin’s upsurge to $44,000 following the $38,000 breach, Van de Poppe expects the global market cap to rally further upon breaking $1.6 trillion.
He set his first target at $1.85 trillion. The last time the crypto market saw a valuation above $1.8 trillion was before the Terra implosion of last May. Van de Poppe noted that if the $1.85 trillion target is breached, this would bring the target at $2.2 trillion into play.
Altcoin Market Projected to Hit $1 Trillion
The analyst noted that these targeted values are “inevitable,” stressing that the market would record a clear upward trend. Should this happen, the altcoin market would witness a similar surge in valuation. Prominent analyst EGRAG sees it rallying $1 trillion.
The last time the altcoin market saw a valuation above $1 trillion was also last May before the Terra collapse. EGRAG called attention to the sharp drop induced by the fall of the Terra ecosystem. The altcoin market cap dropped 62% from $1.268 trillion in April 2022 to $485 billion in June 2022.
This drop came after gradual declines from the all-time high of $1.707 trillion in November 2021. The altcoin market is now recovering, currently at a 19-month high of $735.5 billion. Amid this growth, EGRAG asserted that the market would record an uptrend at the same scale of the May 2022 drop.
The analyst first noted that the altcoin valuation could rally to $1 trillion. If both analysts’ projections materialize, and the global crypto hits $2.2 trillion, with altcoins clinching $1 trillion, this would bring Bitcoin’s valuation to $1.2 trillion. A $1.2 trillion market cap for BTC translates to a price of $61,301 for the token.
However, EGRAG’s vision for the altcoin market goes beyond the $1 trillion market. He further projected a 2.3x surge in valuation, which would bring the altcoin market cap to the $1.7 trillion territory. The analyst charged investors to watch out for this rally in March 2024.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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