- Crypto market capitalization excluding Bitcoin sustains above the $518.92 billion level, as analysts predict an explosive breakout.
- Bitcoin price showed signs of resilience despite the sixth straight week of decline for the S&P 500.
- Analysts evaluate whether the Bitcoin price breakout is towards the $10,000 or the $29,000 level.
Justin Bennett, a crypto analyst observed the trend in the crypto market capitalization excluding Bitcoin and predicted a massive breakout. The analyst argues that it remains undecided whether Bitcoin will hit the $10,000 or the $29,000 level.
Crypto market heads towards a massive breakout – Rally or decline?
Justin Bennett, an internationally recognized Forex trader and crypto analyst evaluated the total crypto market capitalization chart excluding Bitcoin and predicted a massive breakout. Bennett believes that the quiet period for cryptocurrencies is about to end and the longer a market coils, the more explosive the breakout.
Bennett’s prediction is based on altcoin market capitalization that hovers around $518.92 billion at the time of writing. The analyst has asked traders to prepare for the breakout. It remains unclear whether the breakout will be in the upward or downward direction, however Bitcoin has shown its resilience sustaining above the $19,000 level despite the decline in the S&P 500.
Despite Bitcoin’s correlation with the US stock market, the cryptocurrency has remained steady in the face of declining stock prices and rising inflation. In the latest update from the US Federal Open Market Committee (FOMC), the monetary policy maker assured that higher interest rates are here to stay. This implies traders would remain cautious in their approach towards risk assets like Bitcoin and cryptocurrencies.
Bitcoin price to $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 BTC could either hit the area between $12,000 to $14,000, a common price target for Bitcoin bears or the $29,000 level.
The $29,000 level is considered a key point in Bitcoin price trend as the asset will derisk at this point and DonAlt has revealed his strategy to shed his BTC holdings here.
DonAlt’s Bitcoin price targets