Bitcoin and Ethereum prices are up more than 80% and 70% YTD respectively despite the drawbacks of the 2022 bear market. With the bulls on the upper ground, cryptocurrency traders anticipate more upsides in the coming weeks. However, some crypto experts warn the increased FOMO traders could push the market in the opposite direction.
Nevertheless, crypto investors have taken advantage of the bear market and stashed more coins. According to market intelligence platform Santiment, more than 45 million investors hold Bitcoin in their wallets. Interestingly, crypto investors holding between 100-1k Bitcoins have added more than 20k BTCs in the past few days.
Popper’s Bullish Thesis on Crypto Market
According to a crypto analyst with over 653k Twitter followers, Michael van de Poppe, the total crypto market capitalization is likely to break through $1.25 trillion in a similar manner Bitcoin rallied past $6k in 2019.
“Bear market relief rally then can continue to $1.65T (+30%) and in the best case towards $2.1-2.2T (+80%),” the analyst noted.
As the total crypto market capitalization fights a crucial resistance zone, Poppe is convinced Bitcoin price of $50k before the end of this quarter is possible. In this regard, the total crypto market capitalization will be approaching $3 trillion as more investors and crypto projects have since entered the industry.
Regulatory Pressures
The crypto market is expected to gain more traction as United States regulators push for regulatory clarity to attract more investors. Already, Coinbase Global with over $16 billion in market capitalization has hinted at moving to the United Kingdom and the European market due to regulatory scrutiny in the United States. During a Congress hearing on Tuesday, the SEC chair struggled to answer questions on whether Ethereum and XRP are securities or commodities.
Source: https://coinpedia.org/altcoin/crypto-market-poised-for-80-upswing-bear-market-relief-rally-to-continue/