Economist and market analyst Henrik Zeberg has made an updated bullish forecast for Bitcoin, predicting that the leading cryptocurrency could rise between $115,000 and $120,000.
Zeberg, who had forecast a rise to $95,000-$100,000 by December 2022, revised his prediction based on his business cycle model.
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Despite a generally bearish sentiment at the end of 2022, Zeberg maintained his Optimistic outlookwhich still holds today. He noted that while many predicted an “impending collapse,” the market bottomed in October 2022, setting the stage for the potential rally Now it is anticipated.
In a post published today on X, Zeberg reminded his followers of his previous predictions, highlighting that he was bullish on Bitcoin even when others were not. He has adjusted his targets upwards, aligning his forecast with what he sees as “growing euphoria” in the US markets.
While he did not specify a timeline for Bitcoin to reach these new highs, Zeberg remains confident in his outlook, even as he acknowledges that a severe recessionwhich is predicted to be worse than that of 1929, is on the horizon.
REMEMBER!?
In December 2022, everyone was BEARISH!
I was OPTIMISTIC!
We were told that an “imminent crash” was coming, even though the market bottomed in October 2022.
Based on my business cycle model, I ruled out the call for #Recession And I set my goals back then… https://t.co/1rw4DVLtKA
— Henrik Zeberg (@HenrikZeberg) August 23, 2024
Market sentiment and other bullish predictions
Zeberg’s bullish forecast isn’t the only one suggesting a six-figure price for Bitcoin. Another prominent cryptocurrency analyst, Crypto Jelle at X, recently shared An equally optimistic outlook. According to Crypto Jelle, the price of Bitcoin could reach $180,000.
He pointed to a bullish megaphone pattern that formed over the past six months as a key indicator of this potential price target. Crypto Jelle noted that the pattern target remains intact and believes that the fourth quarter of this year could bring Bitcoin much closer to This goal.
After 6 months of consolidation, this bullish megaphone still has a target of $180,000.
I have a funny feeling that the fourth quarter will bring us much closer to that goal.
Hold on tight and enjoy the ride. #Bitcoin photo.twitter.com/i0Kc8vCv3n
— Jelle (@CryptoJelleNL) August 23, 2024
Zeberg and Crypto Jelle’s predictions come as BTC is slowly recovering, reclaiming $61,000 to trade at $61,484 at the time of writing. Regardless of the slow price recovery, Zeberg and Jelle remain convinced that Bitcoin is primed for substantial gains.
However, Zeberg also warned investors that while the market may be heading for a significant high, a major decline is also likely.
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He predicts that the next recession will trigger a severe bear market, which he expects to play out in two phases: a “deflationary” phase followed by a “stagflationary” one, with a brief mid-cycle rebound when the Federal Reserve steps in in 2025.
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