The total crypto market capitalization has been stuck roughly between $240 billion and $280 billion for about two months. This range-bound action suggests that cryptocurrencies are waiting for a trigger to propel the market cap higher. As the saying goes, the longer the consolidation, the stronger will be the eventual breakout from it.
Daily cryptocurrency market performance. Source: Coin360
The researchers believe that the top-ranked asset on CoinMarketCap has penetrated only a fraction of its total addressable market and over the next few years as the penetration increases, Bitcoin price is likely to surge. The report also projected bullish targets for several altcoins based on the same metric.
Bitcoin (BTC) broke below the trendline of the ascending triangle on June 27. This has invalidated the bullish setup,