Economist Henrik Zeberg outlines the path forward for memecoins and the broader crypto market.
Starting with the broader crypto market, Zeberg tells his 174,400 followers on social media platform
“I think it will reach a size of around $9 trillion before the summit!
Insane Bubble – but let’s go.
The total crypto market stands at $3.73 trillion at the time of writing.
Based on Zeberg’s chart, it appears to suggest that the total crypto market cap is following an upward curve on the weekly time frame. It also appears that the economist is suggesting that the total crypto market capitalization is in the last wave of a five-wave pattern that began in 2018.
According to Elliott Wave Theory, the main price trend of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
As for memecoins, Zeberg says that despite the “liquidity sucking” of other crypto assets, Donald Trump’s official meme, Official Trump (TRUMP), could be a blessing in disguise for the market.
“This (TRUMP memecoin) may seem like a bad thing for crypto – but in fact, it might just be the dynamic that sparks all the crypto-mania.
Like the water on a beach receding – only to return in the form of a tsunami.
Some memes have been crushed in recent days/weeks.
I think they put in significant, massive funds.
One of the memecoins Zeberg is bullish on is dogwifhat (WIF). Earlier this month, Zeberg predicted that WIF could rise as much as 1,238% from the current level.
“WIF is poised to explode higher in the broader wave 3 – in an extended move that could reach as high as USD 18-19 in the next move!”
WIF is trading at $1.42 at the time of writing.
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