Crypto Market Could Spike, Will This New Top be Greater by 50% Than the Last?
- Analyst tweeted that the next euphoria top could be greater by 50% than the last top.
- The RSI makes higher highs and therefore, the stage is set for a spike.
- The crypto market cap has been heavily dependent on the 1T region for support.
An analyst tweeted that the crypto market could spike to a new Euphoria Top which could be approximately greater by 50% than the last top. Moreover, the RSI was also making higher highs and higher lows as it did during the last time that the market cap spiked.
When scrutinizing the analysis, it could be noted that the market cap started to spike in 2021, which is the very next year after the BTC halving in 2020. Hence, there might not be a drastic spike immediately or the next year. But, maybe 2025 could be the year when the market actually experiences the aftermath of BTC halving.
The above chart shows that the crypto market cap has been heavily dependent on the 1T region for support. Moreover, there seems to be a new trend in the making as the market cap is rising drastically. The RSI also supports the rise in price as it is making higher highs and higher lows. Hence, the market cap could reach 1.72T in the near future.
The 4.4T target given by the analyst may be achieved during the aftermath of BTC halving which could be towards the end of 2024 or the beginning of 2025. However, in the short term, if the cryptomarketcap is rejected at the 1.72T resistance level then it may fall to 1T for support.
