Mr. Raoul Pal has shared charts to show the part of crypto market dynamics and clarify why it seems to be wonderful for bulls.
Huge transfer after huge consolidation
On Oct. 3, 2021, Mr. Pal shared the chart of net cryptocurrency market capitalization displayed on a logarithmic scale.
In accordance with this chart, the crypto market cap touched the lower restrict of the ascending channel and located assist. Thus, the bullish development is confirmed, and crypto markets can spike 3-6x within the coming months.
Your complete phase is almost ready to exit its “overbought” stage and enter an “oversold” period. That’s the reason the economist expects a rapid upsurge in crypto capitalization in 2022.
At press time, the aggregated capitalization of the cryptocurrency segment is over $2.13 trillion, which is 16% lower than the all-time high registered on May 12, 2021, in response to CoinMarketCap data.
Big cup and handle
Additionally, Mr. Pal adds, he noticed a “cup and handle” technical evaluation sample on the chart that displays the aggregated capitalization of all cryptocurrencies, excluding Bitcoin (BTC) and Ethereum (ETH).
This chart turned bullish after crossing the $900 billion level, Mr. Pal says. Thus, all cryptocurrencies look “coiled” to him; even small caps are not any exception.
As covered by Cmnnews previously, some on-chain indicators confirm that whales and long-term holders aggressively collected crypto during the last “dip.”
Source: UToday
