Total Crypto Market Cap can go low as 30% to 80% to the downside

In this chart,

We have identified the nearest demand to be at $569B.

We are also approaching a key level where we previously broke through it and we haven't tested it yet at $692B where we might potentially see some buying pressure as well.

But, ideally, price tends to get to supply/demand zones.

In this case, we are nearing a demand zone at $569B which would be a 30% drop from the current price as of this writing.

While a potential drop up to 80% is also possible since it is one of the strong support level where we were able to hold that price at around $140B.

I am expecting more bearishness going to 2023.

Happy New Year 2023 everyone!