The head macro strategist at Swissblock is anticipating significant movements for Bitcoin (BTC) in the upcoming final quarter of this year. Henrik Zeberg shared his insights with his 155,900 followers on the social media platform X, highlighting that market conditions have now reached a critical juncture that he accurately predicted two years ago.
Zeberg pointed out, “We have now reached the bottom of my forecast from Nov. 2022. S&P500 is at 5770. I have refined my targets for the S&P500 in blow-off top to 6100-6300. As we get closer – the Fibonacci levels become more precise. For BTC, the target is now $115,000-$123,000. Blow-off top will explode into this last quarter of the year. But there is an End. Recession IS coming.”
Considering that BTC is currently trading at $61,999, reaching a target of $123,000 would represent a significant 98% increase for the flagship cryptocurrency. However, not all analysts share Zeberg’s bullish sentiment. Crypto analyst Benjamin Cowen cautioned his 862,400 followers on the same platform X, suggesting that Bitcoin might experience a period of slowdown before picking up pace again.
Cowen stated, “In April, I said Bitcoin would cool off for six-nine months following its ‘mid-cycle top.’ It has been six months, so the time-based component has reached the minimum consolidation. If there is a labor market scare later this quarter, it could cause BTC to drop again (potentially to the 100-week simple moving average), taking the consolidation to nine months like last cycle. Probably should be hedged for either scenario.
As the crypto market continues to evolve, it’s crucial for investors to consider various perspectives and scenarios to make informed decisions about their crypto holdings. Stay tuned for further insights and updates from industry experts like Zeberg and Cowen to navigate the complex world of digital assets effectively.
