Economist Henrik Zeberg says a loss of dollar strength could be the catalyst that revives crypto assets.
Zeberg tells his 136,000 followers on social media platform
To join the crypto rally, Zeberg has his eye on JasmyCoin (JASMY), a blockchain-based project for storing personal data.
“I think a decline in DXY and yields will create a great environment for crypto in the final stages of this bull market for risky assets.
I think the next phase for Jasmy is wave three!
Later swing four into summer (while DXY bounces) – and then the final boost into late summer – early fall.
It may be that the target becomes “only” $0.3… but for now the above is my main statement.
I AM THE JASMY FATHER!”
The economist appears to use the Elliott Wave theory in his analysis. The theory states that a bullish asset will experience a five-wave upward move before reaching its peak.
Zooming in on JASMY technical data, Zeberg says the moving average convergence divergence (MACD) and relative strength index (RSI) indicators are in the process of crossing bullishly on the daily chart.
The RSI and MACD are both momentum indicators that traders use to spot points of potential trend reversals.
Says Zeberg,
“Bullish crossover on MACD.
RSI breaks the downward trend.
We’ve seen that before…..right before the 400-500% Run higher.
This time I expect the move to be BIGGER!
All aboard?”
At the time of writing, JASMY is worth $0.02, up over 6% in the past day.
As for Bitcoin (BTC), Zeberg previously said that the crypto king will be ready to enter a ‘melt-up’ phase once the monthly RSI reaches 70.
“So I got $110,000-$115,000 for Bitcoin. It’s actually part of a larger pattern. I see this is the beginning of a new bull [run]but a long pause is needed after the blow-off top.
But we haven’t gotten to the really steep part yet. We see we are getting there [an] RSI above 70, then we really see the steep part.”
At the time of writing, Bitcoin is trading at $64,400, while the monthly RSI is hovering at 68.
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Generated image: Midjourney