- Crypto market capitalization excluding Bitcoin remains above the $518.92 billion level as analysts predict an explosive breakout.
- Bitcoin price showed signs of resilience despite the S&P 500’s sixth consecutive week of decline.
- Analysts assess whether the Bitcoin price breakout is towards the $10,000 or $29,000 level.
Justin Bennett, a cryptanalyst watched the trend in crypto market capitalization excluding Bitcoin and predicted a massive breakout. The analyst argues that it is yet to be decided whether Bitcoin will hit the $10,000 level or the $29,000 level.
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Crypto Market Headed for a Massive Breakout: Recovery or Decline?
Justin Bennett, an internationally recognized Forex trader and crypto analyst, assessed the total crypto market capitalization chart. excluding Bitcoin and predicted a massive breakout. Bennett believes that the lull for cryptocurrencies is about to end and the more a market rolls up, the more explosive the breakout is.
Bennett’s prediction is based on the altcoin’s market capitalization hovering around $518.92 billion at the time of writing. The analyst has asked traders to prepare for the breakout. It is unclear whether the breakout will be in the up or down direction, however, Bitcoin has shown its resilience by holding above the $19,000 level despite the drop in the S&P 500.
Despite Bitcoin’s correlation with the US stock market, the cryptocurrency has held steady in the face of falling stock prices and rising inflation. In the latest update from the US Federal Open Market Committee (FOMC), the person in charge of monetary policy assured that higher interest rates are here to stay. This implies that traders would remain cautious in their approach towards risky assets like Bitcoin and cryptocurrencies.
Bitcoin price at $10,000 or $29,000?
DonAlt, a pseudonymous crypto analyst known for his accurate predictions, has marked key price levels for Bitcoin, in a new video. While the analyst is unsure of a Bitcoin price rally to the $33,000 level, DonAlt believes that BTC could reach the $12,000-$14,000 area, a common price target for Bitcoin bears, or the $29,000 level. .
The $29,000 level is considered a key point in the Bitcoin price trend as the asset will lose risk at this point and DonAlt has revealed his strategy to offload his BTC holdings here.
DonAlt’s Bitcoin Price Objectives