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Economist Henrik Zeberg Says Bitcoin Days Away From Next Big Move – Here’s His Price Target

May 28, 2024

Macro strategist Henrik Zeberg is predicting Bitcoin (BTC) will make a big move to the upside any day now.

In a new interview on the Bloor Street Capital YouTube channel, Zeberg says Bitcoin could soar more than 64% from its current value by the third quarter of the year.

“In January I said $110,000 to $115,000 on Bitcoin and I stick to that. I think we’re hours or days away from a big move starting again. We had a big move on [May 20th]. I think that was just the beginning. Now we’ve been consolidating for a few days, and I think we’re going to see a very, very big move coming into mid-June, but an uptrend with consolidations, pullbacks…

August to October, I would say this is the timeline. It’s more about the levels that I need to see. I need to see up above $105,000 for Bitcoin, $110,000, and then I need to see the S&P around 6,000. Then I will start to become more worried. These are the levels. Timeline-wise, Q3.”

Bitcoin is trading for $70,090 at time of writing, up nearly 2% in the last 24 hours.

The strategist also predicts a US economic recession before the end of 2024.

“My timeline for now is that I see that the recession probably sets in by Q4 this year, could be October, November, December. And I think the stock market will top out two months before that. So that means in Q3, potentially October or so, but right now it’s August, September. That is my timeline for that.

That is my best estimation based on what I see. There is nothing that tells me that we should go above this. We have on various assets we start to see weaknesses come in. We start to see weakness in Europe. We start to see weakness in Asia in the Nikkei, in the Nifty as well. So I think you’re going to see the top in the stock market in Asia and Europe setting in before you see it in the US, and you’re going to see a rotation of capital from Europe, from Asia into the US.

So that’s why I’m saying I’m not bullish across all markets. I’m bullish the US market at this point. I am bullish small caps because I also think there’ll be a rotation from from large caps into small caps as we get into the final phase of this business cycle.”

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