A prominent market watcher has argued that the crypto market is set to welcome an inflow of over $600 billion in the coming days to propel the global crypto market cap to $2.2 trillion.
In a recent update on X, the renowned Bitcoin analyst Michaël van de Poppe shed light on the current dynamics of the crypto market, focusing on the overall funds circulating within the market.
Road to $2.2 Trillion
Specifically, the analyst highlighted that the market is currently experiencing a consolidation phase at its $1.66 trillion value, signifying a period of gathering momentum. He expressed confidence that the current valuation could represent this cycle’s low, projecting a continuation from the current point.
Michaël van de Poppe argued that the expected continuation would see the global crypto market graduate into the $2.2 trillion territory.
Total market capitalization of #Crypto is consolidating.
Very likely that we'll see a continuation from here, the momentum and trend are extremely strong.
Continuation towards $2.2T coming from #Altcoins. pic.twitter.com/99CDW1qAKm
— Michaël van de Poppe (@CryptoMichNL) February 5, 2024
With the current global cap at $1.66 trillion, this implies that the crypto market may soon experience a gradual influx of funds totaling up to $600 billion. Essentially, this projected figure amounts to a 32.53% growth rate.
Besides, the chart accompanying the tweet illustrated the trajectory toward the anticipated target. The graph depicted one-week patterns, taking into account the market’s opening and closing points, highlighting pivotal points since the last market peak.Â
Specifically, it indicated that the overall crypto market’s successful entry into the $1.87 trillion threshold could serve as confirmation of the journey toward the $2 trillion range.
Significantly, the crypto market last reached $2.2 trillion at the conclusion of 2021. This coincided with the peak of the last bull season before the bears took control.
Altcoin to Lead the $2.2T Gain
Furthermore, the Bitcoin analyst suggested that BTC would not be the asset championing the anticipated influx of capital. He specifically stated that alternative cryptocurrencies (altcoins) would pave the way towards reaching the $2.2 trillion valuation.
Moreover, Michaël van de Poppe is not the only notable crypto analyst projecting an altcoin market rally. Stock investor Jelle recently drew parallels between the current altcoin consolidation phase and the dynamics experienced before the 2021 peak.
Jelle shared a graph indicating that the altcoin market is retesting low points, similar to what occurred in late 2020. It foreshadows a bullish trajectory akin to that of 2021.
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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