The post Huge Crypto Crash On Horizon! MarketCap Can Drop Below $1 Trillion Soon appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Bitcoin traded between $29,000 and $32,000 this week, and although it managed to stay above the $30,000 level for the majority of the week, it was a very volatile week.



The price could not stay above the $32,000 resistance level and the world’s largest cryptocurrency came under new selling pressure as bears fell below the important $28,600 support level.



Bitcoin is now trading at $27,481 and has lost more than five percent in the last 24 hours.



The cryptocurrency market capitalization has dropped below $1.1 trillion, nearly a year low, as the market has experienced yet another slump in the last 24 hours, which has affected the altcoins in particular.



With a daily decrease of 9 percent, Ethereum is leading this bearish trend as the value of the world’s second-largest cryptocurrency has dropped to $1,467.



BNB, Cardano, Ripple, Solana, Dogecoin, Polkadot, Avalanche, Shiba Inu, and other cryptocurrencies have all experienced double-digit price drops.



Big Drop Coming Ahead?



A well-followed market analyst predicts a big drop in the value of Bitcoin (BTC) and altcoins, which he claims may push the total worth of all crypto assets below $1 trillion.



“It doesn’t get much cleaner than this. Today’s breakdown from TOTAL opens up the $1 trillion psychological level. The actual objective is $950 billion to be exact.”



The TOTAL chart, which shows the market capitalization of all cryptocurrencies, is in the midst of a breakdown from a bearish continuation pattern, according to Justin Bennett’s 101,000 Twitter followers. The $1 trillion price level, according to the crypto expert, is a critical support level for the whole digital asset markets.




It doesn't get much cleaner than this. Today's breakdown from $TOTAL opens up the $1T psychological level. The actual objective is $950B to be exact. $BTC $ETH pic.twitter.com/POsrxWKsyW — Justin Bennett (@JustinBennettFX) June 10, 2022




Bennett believes cryptocurrencies will bear the brunt of the correction if the TOTAL chart follows his script. The bottom line, according to him, is that another 15% drop in the entire crypto market is likely before we can start talking about the possibility of recovery.