Will cryptocurrency rise?

Iti9

The cumulative value of the cryptocurrency market has found support at $16.1 trillion. Whether it will break below this level or rebound will determine the direction of the trend. Breaking below the support convergence point could lead to a 15% drop to $1.4 trillion, potentially causing over 30-40% sell-offs for most altcoins.

Similar to the total market capitalization, the price of Bitcoin (BTC) has been trading within a rising parallel channel during the same period, but with some differences. During the downturn on January 12th, this channel was breached. This development indicates the potential end of the upward trend, which may have a negative impact on the cumulative value of cryptocurrencies. As long as Bitcoin does not surpass this region (confirmed as a resistance level), the downtrend seems likely to continue.

The most probable scenario appears to be a Bitcoin price drop of approximately 12% to $37,700. Of course, the cryptocurrency market is full of surprises and is not obligated to meet expectations. Despite bearish Bitcoin price predictions, if the support line of this channel is reclaimed, we may see new attempts to surpass $48,250.

Indra55

This legislation is also essential.

Jiten171

This is still very likely to rise.