Yesterday, Bitcoin (BTC) saw an uptick, surpassing $47,000, contributing to an overall rise in the Crypto Market Cap. Additionally, BONK experienced a breakout from a descending resistance trend line.
TOTALCAP is Approaching its Previous Highs
The cryptocurrency market cap has surged since October, bouncing off the support trend line of an ascending parallel channel. The upward momentum led to a breakout from the channel on December 4, surpassing the $1.61 trillion resistance area shortly after.
Despite a dip on January 3, TOTALCAP found support at the channel’s resistance trend line, resuming its upward trajectory. Yesterday, the price reclaimed the $1.61 trillion resistance area.
If this upward trend persists, TOTALCAP has the potential to grow by an additional 25%, reaching the next resistance level at $2.10 trillion.
Despite the optimistic price forecast, a closure below $1.61 trillion would nullify the breakout. In such a scenario, TOTALCAP might experience a 20% decline, targeting the channel’s midline at $1.37 trillion.
Bitcoin Surpasses the $47,000 Mark
Similar to TOTALCAP, the BTC price has experienced swift growth since October, leading to a breakout above the 0.5 Fib retracement resistance at $42,300. Following consolidation in this range, the price initiated another upward move this week, peaking at $47,281.
Should the upward momentum persist, BTC has the potential to rise by 6%, targeting the next resistance zone between $48,600 and $50,500, characterized by Fib and horizontal resistance.
Despite the optimistic BTC price forecast, a breach of the ascending support trend line could instigate a 10% decline, targeting the nearest support level at $42,000.
