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A top crypto analyst and trader says Bitcoin and the rest of the crypto markets are on the cusp of a massive breakout that can push the valuation of all digital assets to $10 trillion.
Justin Bennett tells his 73,600 followers that the TOTAL chart, which tracks the market capitalization of all crypto assets, is threatening to take a crucial resistance area.
“Total crypto market cap is holding steady below resistance. $2.4 trillion is the level to break. $2.44 trillion to be safe.”
At time of writing, TOTAL is trading at $2.33 trillion.
Bennett predicts that once TOTAL takes out its final resistance area, the skies are clear for a rise to $10 trillion in a matter of months.
“Total crypto market cap is testing its May trend line. Break that and carve fresh all-time highs, and we just might get that $10 trillion market cap in early 2022. Weekly chart.”
Looking at Bennett’s chart, the trader expects TOTAL to reach a $10 trillion valuation by March 2022.
As for the catalyst that could fuel TOTAL’s rise to new all-time highs, Bennett says that Bitcoin must lead the charge.
“I think it’s a bit naive to doubt the potential of a $10 trillion crypto market cap in the next three to six months. If BTC breaks $65,000, the momentum shift will be fierce. Plus, the total market cap has already done a 20x since March 2020. What’s another 4.2x?
Note that I said, ‘if BTC breaks $65,000.’
That’s crucial! As bullish as I’ve sounded lately, everything hinges on Bitcoin trading above $65,000 this year.”