Economist Henrik Zeberg outlines where memecoins and the broader cryptocurrency market are headed.
Starting with the broader cryptocurrency market, Zeberg told his 174,400 followers on social media platform
“I think we’ll reach about $9 trillion by the top!
Insane Bubble – But Batter.”
As of this writing, the total cryptocurrency market size is $3.73 trillion.
According to Zeberg’s chart, he appears to be suggesting that the overall cryptocurrency market capitalization is forming a wedge-shaped pattern with weekly increases. The economist also appears to be suggesting that the overall cryptocurrency market capitalization is in the final wave of a five-wave pattern that began in 2018.
According to Elliott Wave Theory, major trends in asset prices move in a five-wave pattern and corrections occur in a three-wave pattern.
Turning to memecoins, Zeberg says TRUMP, the official Donald Trump meme, could be a blessing for the markets despite “sucking the liquidity” out of other crypto assets.
“This (TRUMP memecoin) may be seen as a bad thing for cryptocurrency. But in reality, this may be the dynamic that fuels full-blown cryptocurrency mania.
Like water draining from a beach – it comes back as a tsunami.
Some memes have been breaking in the past few days/weeks.
I think they hit a big, huge bottom.”
One memecoin that Zeberg is bullish on is dogwifhat (WIF). Earlier this month, Zeberg predicted that WIF could rise as much as 1,238% from current levels.
“WIF will explode higher in three larger waves. This is an extended move that could push it up to 18-19 USD in this next move!”
WIF is trading at $1.42 at the time of this writing.
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