Renowned macro strategist Henrik Zeberg has made a bold prediction about the future of Bitcoin, stating that the cryptocurrency is on the verge of a significant upward movement. In an interview with the Bloor Street Capital YouTube channel, Zeberg confidently declared that Bitcoin could surge by over 64% in value by the third quarter of this year.
Zeberg’s previous forecast, made in January, projected that Bitcoin would reach a price range of $110,000 to $115,000, and he stands by this prediction. According to Zeberg, the anticipated surge is imminent, possibly within a matter of hours or days. He believes that the substantial price increase on May 20th was just the beginning and that the cryptocurrency has been consolidating for a few days, preparing for a much larger move in mid-June. He expects an upward trend with occasional consolidations and pullbacks throughout August to October.
However, Zeberg specified that certain price levels need to be reached to confirm his predictions. He is looking for Bitcoin to surpass $105,000 and ideally reach $110,000, while also keeping an eye on the S&P, which he expects to be around 6,000. Only if these levels are achieved will Zeberg become more concerned. In terms of the timeline, he sees these developments taking place in the third quarter of the year.
As of now, Bitcoin is trading at $70,090, showing a nearly 2% increase in value over the past 24 hours.
In addition to his Bitcoin forecast, Zeberg also predicts an economic recession in the United States before the end of 2024. He believes that the recession will likely start in the fourth quarter of this year, possibly in October, November, or December. Zeberg further anticipates that the stock market will peak two months before the recession begins, suggesting that it will reach its highest point in the third quarter, possibly around October. Currently, his estimation points to August or September as the potential timeframe for this.
Zeberg bases his predictions on his observations of various asset weaknesses, particularly in Europe and Asia. He notes that these regions are already experiencing signs of weakness in their stock markets, such as in the Nikkei and the Nifty indices. Consequently, he expects the top of the stock market to occur in Asia and Europe before it does in the US. Zeberg also foresees a capital rotation from Europe and Asia into the US as a response to these market conditions.
It is important to note that while Zeberg is bullish on the US market and small-cap stocks, he does not hold the same optimism for all markets. He advises investors to conduct thorough research and exercise caution when considering high-risk investments in Bitcoin, cryptocurrency, or digital assets.
As always, it is crucial to remember that trading and transferring assets carry inherent risks, and any losses incurred are the sole responsibility of the individual. The Daily Hodl, where this article was originally published, emphasizes the importance of conducting one’s own due diligence and does not endorse the buying or selling of cryptocurrencies or digital assets.
