Watch the market cap!

8 May 2021

The crypto market cap has been growing steadily since late 2020. It recently reached an ATH. It is also trading in a narrowing channel, which might close up sometime in 2022. This means the market is likely to continue growing over the next several months. Within the channel however there might be a brief reversal in the coming days until end of May. During this time the market growth might slow down to about $2.29 trillion before rebounding to about $2.8 trillion in June. Another scenario is for the market to continue growing and break above the channel and target $2.91 before end of May. This would probably require BTC to drive towards $70-80k in May, and ETH to continue its rise. Likewise, BNB would need to drive towards $750 to $800 within May. While the market is generally bullish, my personal opinion is that we might see a brief reversal to $2.29 before another drive upwards. I suspect that Ether may need to consolidate in the next couple of weeks, which may slow the overall market growth. The next bullish run might be rapid and will likely be in late May or early June. In the meantime, I suspect we might get a general consolidation. Of course, these are just my opinions, not financial advice.