Macro strategist Henrik Zeberg has forecasted a substantial increase in Bitcoin‘s value, anticipating a rise of over 64% by the third quarter of this year. In an interview on the Bloor Street Capital YouTube channel, Zeberg reaffirmed his earlier prediction, suggesting Bitcoin’s price could soar to between $110,000 and $115,000, signaling a major upcoming price movement.
When Will the Bitcoin Surge Happen?
Zeberg posits that Bitcoin is on the brink of a significant upward trend, which could commence within a matter of hours or days. Highlighting the price movement on May 20 as the start of this trend, he anticipates sporadic pullbacks during consolidation phases but remains confident about the overall upward trajectory.
According to Zeberg, Bitcoin could reach values between $105,000 and $110,000 by mid-June, with the overall timeline stretching from August to October. His prediction is based on the observation of key levels necessary to confirm the upward trend.
What are the Broader Market Implications?
Currently, Bitcoin is trading at $67,823, experiencing a 1.71% decline in the last 24 hours, placing it below the $70,000 mark. Zeberg’s forecast aligns with his broader market analysis, which includes a positive outlook for the S&P 500, projected to reach around 6,000. However, he cautions that achieving these peaks might signal a potential market cycle climax, raising concerns.
Key Inferences for Investors
Investor Takeaways:
- Bitcoin’s price could rise to between $110,000 and $115,000 by Q3 2023.
- Mid-June may see Bitcoin values reach $105,000 to $110,000.
- Current Bitcoin trading price stands at $67,823, showing a short-term dip.
- Broader market trends indicate a bullish S&P 500, potentially peaking around 6,000.
- Be cautious of a potential market peak, which may precede a downturn.
Conclusion
Zeberg also forecasts an economic downturn in the US by the end of 2024, likely starting in the fourth quarter. He suggests the stock market will peak around the third quarter, particularly between August and September, just before the recession begins. This prediction is supported by signs of economic frailty emerging in global markets, including Europe and Asia, with capital likely to flow back to the US due to its relative strength.