An economist known for calling a blow-off top for the markets predicts that the total crypto market cap will skyrocket over 250% from current levels.
Henrik Zeberg tells his 186,700 followers on the social media platform X that he’s keeping a close watch on the TOTAL chart, which tracks the total market cap of crypto, excluding stablecoins.
The economist predicts that TOTAL will soar to $12.95 trillion in a wave five rally, supported by rising momentum as indicated by the relative strength index (RSI) and the relative vigor index (RVGI). His chart also notes that the moving average convergence divergence indicator (MACD) is on the up and up, suggesting that the asset class is amid a strong uptrend.
Both the RSI and the RVGI are momentum indicators, while the MACD is a trend-following oscillator.
Zeberg says that the rally will be fueled by a massive euphoria phase as witnessed in 2017 and 2021.
“12 Trillion USD Crypto Market?
Just imagine….”
At time of writing, TOTAL is trading at $3.681 trillion.
Looking at Bitcoin, Zeberg says that BTC is in the midst of a wave three surge, a period when an asset witnesses a steep rally based on the Elliott Wave theory.
The Elliott Wave theory is an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves.
“BTC pumped, and we are now very clearly in a wave three setup.
This is what I think we may see.
A pump which continues much higher for the coming weeks. Then likely a STRONG PULLBACK into late-summer.
Finally, the last pump into the autumn.”
At time of writing, Bitcoin is worth $119,476.
Zeberg also believes that altcoins will ignite rallies in the coming weeks as Ethereum (ETH) flashes signs of life.
“ETH making the expected move.
Soon it will be leading the alts rally.
This is what we want to see in Altseason.
I expect much higher for ETH – BEFORE the onset of the Summer Doldrum for Alts.
A lot of money can and will be made over the coming weeks.
BUT ….. YES – there will very likely be a strong pullback into late Summer.”
At time of writing, ETH is trading for $2,984.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
