Crypto Market Cap’s Broadening Wedge Pattern Points to Possible 31% Surge

• A broadening wedge pattern suggests a potential bullish breakout for the total crypto market cap, targeting $3.30 trillion.
• A successful breakout could mark a 31% increase, driven by positive investor sentiment and macroeconomic factors.
• Institutional interest and global economic trends could fuel the momentum needed to reach the $3.30 trillion mark.

The cryptocurrency market is on the verge of a significant technical breakout, as suggested by recent chart patterns. This is evident from this chart where portfolio total market cap is in the form of a broadening wedge which suggests an upward trend. Experts estimate that a proper breakout might result in the actual market capitalization of up to $3.30 trillion. This is a trend which may be indicative of a heightened focus on cryptocurrencies: whether by way of macroeconomic forces or the work of institutional investors.

Broadening Wedge Pattern: A Technical Indicator of Potential Upside

Due to the available indications on price movements the broadening wedge pattern seen in the $TOTAL chart has attracted attention. Normally, this pattern suggests consolidation where broader fault lines of prices are destabilized during this time. But if the price goes above the upper trend line of the wedge it is usually interpreted as a bullish breakout that might take the total market capitalization to new record high. As pointed out earlier on by technical analysts there is potential for this kind of breakout to increase investor sentiment, particularly if it spawns a rally.

$TOTAL Crypto Marketcap is on the Verge of Broadening Wedge upside Breakout.

A Successful Breakout could push it to $3.30T..📈#Crypto #Bitcoin #Altcoins pic.twitter.com/lmpdBY25xX

— Captain Faibik 🐺 (@CryptoFaibik) October 31, 2024

A Target of $3.30 Trillion in Market Cap

The possible breakout may take the market capitalization to around $3.30trillion is another higher level from the current level. With this target, the trading volume would increase by approximately 31%, which would get the market slightly above some of the cryptocurrency bull cycles. For a rise to this level, considerable investment inflow coupled by a favorable sentiment change among the retail and the institutional units is needed.

Experts believe that macroeconomic shifts in the global economy, such inflation triggers and shifting in monetary regulation may also contribute towards demand for crypto assets as social assets.Cryptocurrencies have an investor sentiment that drives their market, and this potential breakout has already generated interest. The sharp rise in the crypto market could mean that investors are returning into the market and this kind of breakout could indicate that.

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