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Economist and market analyst Henrik Zeberg has issued an updated bullish forecast for Bitcoin, Prediction The leading cryptocurrency is expected to rise to between $115,000 and $120,000.
Zeberg, who had expected a rise to between $95,000 and $100,000 in December 2022, has revised his forecast based on his business cycle model.
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Is Bitcoin about to collapse?
Despite the generally bearish sentiment in late 2022, Zeberg has maintained optimistic outlookHe still holds it today. He noted that while many predicted an “imminent crash,” the market bottomed out in October 2022, setting the stage for a severe economic collapse. potential rise He is expecting now.
In a post uploaded to X today, Zeberg reminded his followers of his previous predictions, highlighting that he was bullish on Bitcoin even when others weren’t. He revised his targets upward, aligning his forecast with what he sees as “growing euphoria” in the U.S. markets.
Although he did not specify a timeline for when Bitcoin would reach these new highs, Zeberg remains confident in his predictions, even while acknowledging that severe recessionAn economic crisis that is expected to be worse than the one that occurred in 1929 is looming.
Remember!?
In December 2022, everyone was pessimistic!
I was optimistic!
We were told that an “imminent crash” was waiting for us – despite the fact that the market bottomed out in October 2022.
Based on my business cycle model, I declined the invitation. #recession I set my goals then… https://t.co/1rw4DVLtKA
— Henrik Zeberg (@HenrikZeberg) August 23, 2024
Market Sentiment and Other Bullish Forecasts
Zeberg’s bullish predictions aren’t the only ones pointing to a six-figure price for Bitcoin. Another prominent crypto analyst, Crypto Jelle on X, recently suggested that Bitcoin could hit $1,000. subscriber Similar optimistic forecasts. According to Crypto Jelle, the price of Bitcoin could reach $ 180,000.
He pointed to the bullish megaphone pattern that has formed over the past six months as a key indicator of this potential price target. Crypto Jelly noted that the pattern target remains intact, and believes that Q4 of this year could bring Bitcoin much closer to This goal.
After 6 months of consolidation, this bullish indicator is still targeting a price of $180,000.
I have a funny feeling that Q4 will bring us much closer to that goal.
Hold on tight and enjoy the ride. #Bitcoin pic.twitter.com/i0Kc8vCv3n
— Jelly (@CryptoJelleNL) August 23, 2024
Zeberg and Gilly’s predictions come as Bitcoin is slowly recovering, having reclaimed $61,000 to trade at $61,484 at the time of writing. Despite the slowdown in the price recovery, Zeberg and Gilly remain convinced that Bitcoin is poised for a recovery. Big gains.
However, Zeberg also warned investors that while the market could head towards a significant top, it is also likely to see a significant decline.
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The next recession is expected to trigger a sharp bear market, which is expected to unfold in two phases: a “deflationary” phase followed by a “stagflationary” phase, with a short mid-cycle recovery as the Fed steps in 2025.
Featured image created using DALL-E and Chatt from TradingView
