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

Economist and market analyst Henrik Zeberg has made an up to date bullish forecast for Bitcoin, predicting that the main cryptocurrency may surge between $115,000 and $120,000.

Zeberg, who forecasted an increase to $95,000-$100,000 in December 2022, revised his prediction based mostly on his Enterprise Cycle Mannequin.

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Bitcoin On The Verge Of A Breakout?

Regardless of a typically bearish sentiment in late 2022, Zeberg maintained his optimistic outlook, which he nonetheless holds in the present day. He identified that whereas many predicted an “imminent crash,” the market bottomed out in October 2022, setting the stage for the potential rally he now anticipates.

In a publish uploaded in the present day on X, Zeberg reminded his followers of his earlier predictions, highlighting that he was bullish on Bitcoin even when others weren’t. He has adjusted his targets upwards, aligning his forecast with what he sees as “creating euphoria” within the US markets.

Though he didn’t specify a timeline for Bitcoin to achieve these new highs, Zeberg stays assured in his outlook, even whereas acknowledging {that a} extreme recession, which he predicts can be worse than the one in 1929, is on the horizon.

REMEMBER!?

In December 2022, all people was BEARISH!

I used to be BULLISH!

We had been informed that “Imminent Crash” was forward of us – regardless of the actual fact, that market bottomed in October 2022.

Based mostly on my Enterprise Cycle Mannequin, I dismissed the decision of #Recession and I set my targets again then… https://t.co/1rw4DVLtKA

— Henrik Zeberg (@HenrikZeberg) August 23, 2024

Market Sentiment And Different Bullish Predictions

Zeberg’s bullish forecast is just not the one one suggesting a six-figure value for Bitcoin. One other distinguished crypto analyst, Crypto Jelle on X, not too long ago shared a equally optimistic outlook. In response to Crypto Jelle, Bitcoin’s value may attain as excessive as $180,000.

He pointed to a bullish megaphone sample forming over the previous six months as a key indicator of this potential value goal. Crypto Jelle famous that the sample’s goal stays intact, and he believes that the fourth quarter of this 12 months may convey Bitcoin a lot nearer to this goal.

After 6 months of consolidation, this bullish megaphone nonetheless has a goal of $180,000.

Have a humorous feeling This autumn will get us lots nearer to that concentrate on.

Maintain on tight, and benefit from the trip. #Bitcoin pic.twitter.com/i0Kc8vCv3n

— Jelle (@CryptoJelleNL) August 23, 2024

Zeberg’s and Crypto Jelle’s predictions come when BTC is slowly recovering, reclaiming the $61,000 to commerce for $61,484 on the time of writing. Whatever the sluggishness in value restoration, Zeberg and Jelle stay satisfied that Bitcoin is poised for substantial beneficial properties.

Nevertheless, Zeberg additionally cautioned traders that whereas the market could also be heading in the direction of a major high, a significant downturn can also be possible.

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He predicts that the forthcoming recession will set off a extreme bear market, which he expects to unfold in two phases: a “deflationary”  part adopted by a “stagflationary” one, with a short mid-cycle bounce because the Federal Reserve intervenes in 2025.

Featured picture created with DALL-E, Chatt from TradingView