Bitcoin on the Verge of a Breakout? Economist Refines Price Target To $120,000

As a seasoned market analyst with over two decades of experience under my belt, I find Henrik Zeberg’s bullish forecast for Bitcoin intriguing. His Business Cycle Model has proven to be an accurate predictor in the past, and his confidence in Bitcoin’s potential to surge between $115,000 and $120,000 is not unfounded.


Henrik Zeberg, a well-respected economist and market expert, recently revised his optimistic outlook for Bitcoin, estimating that the primary digital currency might reach heights of around $115,000 to $120,000.

In December 2022, Zeberg adjusted his previous prediction of a price range between $95,000 and $100,000 due to his Business Cycle Model.

Bitcoin On The Verge Of A Breakout?

In late 2022, Zeberg’s view remained hopeful amidst a predominantly pessimistic market atmosphere. He highlighted that although some forecasted an immediate market collapse, the market reached its lowest point in October 2022. This event, as he sees it, lays the groundwork for the anticipated rally he now expects.

In the realm of my ongoing research today, I found myself reflecting upon a post by Zeberg on platform X, where he reiterated his earlier prophecies about Bitcoin. Notably, when many others were skeptical, he maintained a bullish stance. Now, as I observe a growing excitement in the US markets, I’ve revised my targets upward, aligning them with what seems to be an emerging market euphoria.

As a crypto investor, I’m buoyed by Zeberg’s conviction about Bitcoin reaching new heights, though he doesn’t provide a timeframe for this occurrence. Despite his forecast of an impending economic downturn, potentially surpassing the severity of the 1929 recession, I maintain my faith in his optimistic perspective.

REMEMBER!?

In December 2022, everybody was BEARISH!

I was BULLISH!

Despite the market having already reached its lowest point in October 2022, we were warned about an impending crash still looming.

According to my Business Cycle Model, I chose not to heed the prediction of a recession at that time and instead adjusted my goals accordingly.

— Henrik Zeberg (@HenrikZeberg) August 23, 2024

Market Sentiment And Other Bullish Predictions

Zeberg’s bullish forecast is not the only one suggesting a six-figure price for Bitcoin. Another prominent crypto analyst, Crypto Jelle on X, recently shared a similarly optimistic outlook. According to Crypto Jelle, Bitcoin’s price could reach as high as $180,000.

Bitcoin on the Verge of a Breakout? Economist Refines Price Target To $120,000

He pointed to a bullish megaphone pattern forming over the past six months as a key indicator of this potential price target. Crypto Jelle noted that the pattern’s target remains intact, and he believes that the fourth quarter of this year could bring Bitcoin much closer to this target.

After 6 months of consolidation, this bullish megaphone still has a target of $180,000.

Have a funny feeling Q4 will get us a lot closer to that target.

Hold on tight, and enjoy the ride. #Bitcoin

— Jelle (@CryptoJelleNL) August 23, 2024

As a crypto investor, I’m following the predictions of Zeberg and Crypto Jelle, who are optimistic about the recovery of BTC. Despite some initial sluggishness, they believe that Bitcoin has reclaimed its position above $61,000, trading at around $61,484 at this moment. Even though the price recovery might be gradual, these experts remain convinced that we can expect substantial gains from Bitcoin in the near future.

Bitcoin on the Verge of a Breakout? Economist Refines Price Target To $120,000

On the other hand, Zeberg urged investors to be aware that although the market appears to be approaching a notable peak, a substantial drop could follow as well.

As an analyst, I anticipate that the imminent economic recession will lead to a harsh bear market, which I foresee progressing through two distinct phases: initially, a “deflationary” phase characterized by falling prices and decreased economic activity, followed by a “stagflationary” phase marked by stagnant growth and rising inflation. However, there may be a temporary rebound in the market during 2025 as the Federal Reserve intervenes to mitigate the impact of the recession.

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2024-08-24 04:35