Bitcoin on the Verge of a Breakout? Economist Refines Price Target To $120,000 📈
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 had forecasted a rise to $95,000-$100,000 in December 2022 but revised his prediction based on his Business Cycle Model.
Zeberg maintained an optimistic outlook even when the market sentiment was generally bearish in late 2022. He pointed out that despite predictions of an imminent crash, the market bottomed out in October 2022, setting the stage for the rally he now anticipates. He reminded his followers of his earlier predictions in a recent post.
Although he did not specify a timeline for Bitcoin to reach these new highs, Zeberg remains confident in his outlook. However, he also acknowledged that a severe recession, which he predicts will be worse than the one in 1929, is on the horizon.
Zeberg is not alone in his bullish forecast. Another prominent crypto analyst, Crypto Jelle, recently shared a similarly optimistic outlook. According to Crypto Jelle, Bitcoin’s price could reach as high as $180,000, pointing to a bullish megaphone pattern forming over the past six months as a key indicator.
Zeberg and Crypto Jelle’s predictions come when Bitcoin is slowly recovering. They remain convinced that Bitcoin is poised for substantial gains. However, Zeberg also cautioned that while the market may be heading towards a significant top, a major downturn is likely, predicting a severe bear market triggered by the forthcoming recession.
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