Macro strategist Henrik Zeberg predicts a significant upward movement for Bitcoin (BTC) and estimates it will rise by more than 64% from its current value by the third quarter of this year. In a recent interview on the Bloor Street Capital YouTube channel, Zeberg reiterated his earlier prediction that Bitcoin could rise to between $110,000 and $115,000, suggesting a major price movement is imminent.
Details of the Expected Bitcoin Surge
Zeberg believes that Bitcoin is on the verge of a significant upward trend that could start within hours or days. Referring to the notable price movement on May 20 as the beginning of this trend, the strategist foresees a significant upward trend despite occasional pullbacks during a consolidation period.
He expects Bitcoin to reach between $105,000 and $110,000 by mid-June, with the overall timeline extending from August to October. This prediction is based on observing key levels that need to be reached to confirm the upward trend.
BTC is trading at $67,823, down 1.71% in the last 24 hours as of this writing, below the $70,000 threshold. Zeberg’s prediction follows his broader market analysis, which includes a bullish outlook for the S&P 500, expected to reach around 6,000. The strategist warned that reaching these levels could indicate a potential peak in the market cycle, causing concern.
US Economic Recession Prediction
On the other hand, Zeberg predicts an economic recession in the US by the end of 2024, likely starting in the fourth quarter. Expecting the stock market to peak about two months before the recession begins, the strategist suggested it would peak around the third quarter, in August or September. This timeline is based on signs of economic weakness emerging in various global markets, including Europe and Asia.
Zeberg emphasized that weaknesses are beginning to appear in major global markets such as Europe and Asia. The strategist expects capital to return to the US market from these regions due to relative strength. While the bullish trend continues in the US market, particularly in small-cap stocks, he warned to be cautious about the broader global markets.
