Bitcoin On The Verge Of A Breakout?
Despite a generally bearish sentiment in late 2022, Zeberg maintained his optimistic outlook, which he still holds today. He pointed out that while many predicted an “imminent crash,” the market bottomed out in October 2022, setting the stage for the potential rally he now anticipates.
Although he did not specify a timeline for Bitcoin to reach these new highs, Zeberg remains confident in his outlook, even while acknowledging that a severe recession, which he predicts will be worse than the one in 1929, is on the horizon.
REMEMBER!? In December 2022, everybody was BEARISH! I was BULLISH! We were told that “Imminent Crash” was ahead of us – despite the fact, that market bottomed in October 2022. Based on my Business Cycle Model, I dismissed the call of and I set my targets back then… — Henrik Zeberg (@HenrikZeberg)
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 a similarly optimistic outlook. According to Crypto Jelle, Bitcoin’s price could reach as high as $180,000.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. — Jelle (@CryptoJelleNL)
Zeberg’s and Crypto Jelle’s predictions come when BTC is slowly recovering, reclaiming the $61,000 to trade for $61,484 at the time of writing. Regardless of the sluggishness in price recovery, Zeberg and Jelle remain convinced that Bitcoin is poised for substantial gains.
However, Zeberg also cautioned investors that while the market may be heading towards a significant top, a major downturn is also likely.