Economist Henrik Zeberg is outlining the path forward for memecoins and the broader crypto market.
Starting with the wider crypto market, Zeberg tells his 174,400 followers on the social media platform X that the total market cap of crypto assets could increase by approximately 141% from the current level.
“I think it will reach a size of approximately $9 trillion before the top!
Insane Bubble – but let’s ride it.”
The total crypto market is at $3.73 trillion at time of writing.
Based on Zeberg’s chart, it appears he’s suggesting that the total crypto market cap is in a rising wedge pattern on the weekly time frame. It also appears that the economist is suggesting that the total crypto market cap is in the final wave of a five-wave pattern that started in 2018.
According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
Turning to memecoins, Zeberg says that despite “sucking liquidity” from other crypto assets, the official Donald Trump meme Official Trump (TRUMP) could be a blessing in disguise for the market.
“This [TRUMP memecoin] may seem as a bad thing for crypto – but in fact this may well be the dynamics which unleashes the full crypto-mania.
Like water on a beach pulling away – only to come back as a tsunami.
Some Memes have been crushed the last few days/weeks.
I think they put in major and massive bottoms.”
One of the memecoins that Zeberg is bullish on is dogwifhat (WIF). Earlier this month, Zeberg predicted that WIF could rally by up to 1,238% from the current level.
“WIF is about to explode higher in larger wave 3 – in an extended move which may reach as high as 18-19 USD in this next move!”
WIF is trading at $1.42 at time of writing.
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Generated Image: Midjourney
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