In the wake of recent challenges facing the cryptocurrency market, there is growing optimism that the industry could be on the verge of a significant recovery. Renowned cryptocurrency trading expert Michaรซl van de Poppe has shed light on key insights, suggesting that the market has recovered from a crucial area, indicating a possible rally.
Aiming for $2 trillion
Van de Poppe's observations, shared in a Jan. 26 X post, point to the crypto sector's total market capitalization showing signs of resilience.
Based on their chart pattern analysis, the market could be on track to recapture the $2 trillion milestone it last reached in March 2022. This target was missed in early April 2022 after holding for almost a year.
A positive development highlighted by the expert is the resurgence of Bitcoin (BTC), the emblematic asset of decentralized finance (DeFi). Bitcoin has now breached the $40,000 price mark again, with further gains anticipated as its next halving event approaches.
Market metrics and recent trends
From the last recovered data According to CoinMarketCap's Finbold on January 27, the total crypto market capitalization amounts to $1.59 trillion. This reflects a 2.73% increase in the last 24 hours, a 1.85% decrease in the previous seven days, and a 4.22% drop on the monthly chart. Despite recent fluctuations, analysts believe the market is poised for an upward trajectory.
If the predictions of experts like Van de Poppe materialize, the overall crypto market capitalization could reach the $2 trillion mark by October of this year. In addition, the industry can aspire to the coveted milestone of $3 trillion, a level it approached in November 2021 with $2.8 trillion.
Understanding future growth
Meanwhile, the cryptocurrency market appears to be showing signs of recovery, and industry experts expressed optimism about the potential for sustained growth in the coming months. Investors are closely watching market dynamics and anticipating positive developments that could propel the cryptocurrency market to new heights.
