{"id":637510,"date":"2024-08-24T01:30:37","date_gmt":"2024-08-24T01:30:37","guid":{"rendered":"https:\/\/uniquehot.com\/?p=637510"},"modified":"2024-08-23T21:12:10","modified_gmt":"2024-08-23T21:12:10","slug":"bitcoin-breakout-economist-refines-price-target-to-120000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-breakout-economist-refines-price-target-to-120000\/","title":{"rendered":"Bitcoin on the Verge of a Breakout? Economist Refines Price Target To $120,000"},"content":{"rendered":"<p>Economist and market analyst Henrik Zeberg has made an updated bullish forecast for Bitcoin, <a href=\"https:\/\/twitter.com\/HenrikZeberg\/status\/61419946?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">predicting<\/a> that the leading cryptocurrency could surge between $115,000 and $120,000.<\/p>\n<p>Zeberg, who forecasted a rise to $95,000-$100,000 in December 2022, revised his prediction based on his Business Cycle Model.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/is-bitcoin-ready-to-soar-key-indicators-signal-potential-72k-target\/\" target=\"_blank\" rel=\"noopener \">Is Bitcoin Ready to Soar? Key Indicators Signal Potential $72K Target<\/a><\/div>\n<h2>Bitcoin On The Verge Of A Breakout?<\/h2>\n<p>Despite a generally bearish sentiment in late 2022, Zeberg maintained his <a href=\"https:\/\/uniquehot.com\/news\/bitcoin-floor-ceo-predicts-38000-will-be-the-lowest-btc-goes\/\" target=\"_blank\" rel=\"noopener \">optimistic outlook<\/a>, which he still holds today. He pointed out that while many predicted an &#8220;imminent crash,&#8221; the market bottomed out in October 2022, setting the stage for the <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/where-is-bitcoin-and-ethereum-headed-analyst-reveals-key-levels-watch\/\" target=\"_blank\" rel=\"noopener \">potential rally<\/a> he now anticipates.<\/p>\n<p>In a post uploaded today on X, Zeberg reminded his followers of his earlier predictions, highlighting that he was bullish on Bitcoin even when others were not. He has adjusted his targets upwards, aligning his forecast with what he sees as &#8220;developing euphoria&#8221; in the US markets.<\/p>\n<p>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 <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-and-nasdaq-show-tight-correlation-what-does-this-mean-for-btc\/\" target=\"_blank\" rel=\"noopener \">severe recession<\/a>, which he predicts will be worse than the one in 1929, is on the horizon.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">REMEMBER!?<\/p>\n<p>In December 2022, everybody was BEARISH!<\/p>\n<p>I was BULLISH!<\/p>\n<p>We were told that &#8220;Imminent Crash&#8221; was ahead of us &#8211; despite the fact, that market bottomed in October 2022.<\/p>\n<p>Based on my Business Cycle Model, I dismissed the call of <a href=\"https:\/\/twitter.com\/hashtag\/Recession?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Recession<\/a> and I set my targets back then\u2026 <a href=\"https:\/\/t.co\/1rw4DVLtKA\" target=\"_blank\" rel=\"noopener nofollow\">https:\/\/t.co\/1rw4DVLtKA<\/a><\/p>\n<p>\u2014 Henrik Zeberg (@HenrikZeberg) <a href=\"https:\/\/twitter.com\/HenrikZeberg\/status\/61419946?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">August 23, 2024<\/a><\/p><\/blockquote>\n<h2>Market Sentiment And Other Bullish Predictions<\/h2>\n<p>Zeberg&#8217;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 href=\"https:\/\/twitter.com\/CryptoJelleNL\/status\/97023281?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">shared<\/a> a similarly optimistic outlook. According to Crypto Jelle, Bitcoin&#8217;s price could reach as high as $180,000.<\/p>\n<figure style=\"width: 1199px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GVpjclIXgAAafFp?format=jpg&amp;name=medium\" alt=\"Megaphone pattern on Bitcoin chart\" width=\"1199\" height=\"669\"><figcaption class=\"wp-caption-text\">Megaphone pattern on Bitcoin chart. | Source: <a href=\"https:\/\/twitter.com\/CryptoJelleNL\/status\/97023281?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">Crypto Jelle on X<\/a><\/figcaption><\/figure>\n<p>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&#8217;s target remains intact, and he believes that the fourth quarter of this year could bring Bitcoin much closer to <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/is-bitcoin-ready-to-soar-key-indicators-signal-potential-72k-target\/\" target=\"_blank\" rel=\"noopener \">this target<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">After 6 months of consolidation, this bullish megaphone still has a target of $180,000.<\/p>\n<p>Have a funny feeling Q4 will get us a lot closer to that target.<\/p>\n<p>Hold on tight, and enjoy the ride. <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/i0Kc8vCv3n\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/i0Kc8vCv3n<\/a><\/p>\n<p>\u2014 Jelle (@CryptoJelleNL) <a href=\"https:\/\/twitter.com\/CryptoJelleNL\/status\/97023281?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">August 23, 2024<\/a><\/p><\/blockquote>\n<p>Zeberg&#8217;s and Crypto Jelle&#8217;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 <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-mvrv-ratio-nears-critical-death-cross\/\" target=\"_blank\" rel=\"noopener \">substantial gains<\/a>.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/9bGpdbIx\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1496\"><figcaption class=\"wp-caption-text\">BTC price is moving sideways on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>However, Zeberg also cautioned investors that while the market may be heading towards a significant top, a major downturn is also likely.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-and-nasdaq-show-tight-correlation-what-does-this-mean-for-btc\/\" target=\"_blank\" rel=\"noopener \">Bitcoin And NASDAQ Show Tight Correlation: What Does This Mean For BTC?<\/a><\/div>\n<p>He predicts that the forthcoming recession will trigger a severe bear market, which he expects to unfold in two phases: a &#8220;deflationary&#8221; \u00a0phase followed by a &#8220;stagflationary&#8221; one, with a brief mid-cycle bounce as the Federal Reserve intervenes in 2025.<\/p>\n<p>Featured image created with DALL-E, Chatt from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Economist and market analyst Henrik Zeberg has made an updated bullish forecast for Bitcoin, predicting that the leading cryptocurrency could surge between $115,000 and $120,000. Zeberg, who forecasted a rise to $95,000-$100,000 in December 2022, revised his prediction based on his Business Cycle Model. Related Reading: Is Bitcoin Ready to Soar? Key Indicators Signal Potential $72K Target 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 &#8220;imminent crash,&#8221; the market bottomed out in October 2022, setting the stage for the potential rally he now anticipates. In a post uploaded today on X, Zeberg reminded his followers of his earlier predictions, highlighting that he was bullish on Bitcoin even when others were not. He has adjusted his targets upwards, aligning his forecast with what he sees as &#8220;developing euphoria&#8221; in the US markets. 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 &#8220;Imminent Crash&#8221; was ahead of us &#8211; despite the fact, that market bottomed in October 2022. Based on my Business Cycle Model, I dismissed the call of #Recession and I set my targets back then\u2026 https:\/\/t.co\/1rw4DVLtKA \u2014 Henrik Zeberg (@HenrikZeberg) August 23, 2024 Market Sentiment And Other Bullish Predictions Zeberg&#8217;s bullish forecast is not the only one suggesting a six-figure price for Bitcoin. Another prominent crypto analyst, Crypto Jelle on X, recently shared a similarly optimistic outlook. According to Crypto Jelle, Bitcoin&#8217;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&#8217;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. #Bitcoin pic.twitter.com\/i0Kc8vCv3n \u2014 Jelle (@CryptoJelleNL) August 23, 2024 Zeberg&#8217;s and Crypto Jelle&#8217;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. Related Reading: Bitcoin And NASDAQ Show Tight Correlation: What Does This Mean For BTC? He predicts that the forthcoming recession will trigger a severe bear market, which he expects to unfold in two phases: a &#8220;deflationary&#8221; \u00a0phase followed by a &#8220;stagflationary&#8221; one, with a brief mid-cycle bounce as the Federal Reserve intervenes in 2025. Featured image created with DALL-E, Chatt from TradingView<\/p>\n","protected":false},"author":580,"featured_media":637514,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,629,6848,1119,78790,6664,10923],"class_list":["post-637510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-market","tag-bitcoin-price-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\n<title>Bitcoin on the Verge of a Breakout? Economist Refines Price Target To $120,000<\/title>\n<meta name=\"description\" content=\"Economist and market analyst Henrik Zeberg has made an updated bullish forecast for Bitcoin, predicting that the leading cryptocurrency...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-breakout-economist-refines-price-target-to-120000\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin on the Verge of a Breakout? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin on the Verge of a Breakout? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin on the Verge of a Breakout? 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