Economist and market analyst Henrik Zeberg has issued an updated bullish forecast for Bitcoin, predicting that the leading cryptocurrency could surge between $115,000 and $120,000. This revision comes after Zeberg initially forecasted Bitcoin’s rise to $95,000-$100,000 in December 2022, based on his Business Cycle Model.
Despite a generally bearish sentiment in late 2022, Zeberg retained his optimistic outlook, which he maintains to this day. He noted that while many predicted an “imminent crash,” the market bottomed out in October 2022, setting the stage for the potential rally he now anticipates.
In a recent post on X, Zeberg reminded his followers of his earlier predictions, highlighting that he was bullish on Bitcoin even when others were not. He has now adjusted his targets upwards, aligning his forecast with what he sees as “developing euphoria” in the US markets.
Although he did not specify a timeline for Bitcoin to reach these new highs, Zeberg remains confident in his outlook. He did, however, acknowledge that a severe recession, which he predicts will be worse than the one in 1929, looms on the horizon.
Zeberg’s bullish forecast aligns with other optimistic predictions in the cryptocurrency community. Another notable crypto analyst, Crypto Jelle on X, recently shared a similarly positive outlook. Crypto Jelle believes Bitcoin’s price could soar as high as $180,000, pointing to a bullish megaphone pattern that has been forming over the past six months as a key indicator of this potential price target. He suggests that the fourth quarter of this year could bring Bitcoin much closer to this target.
These predictions come at a time when Bitcoin is slowly recovering, with its price recently reclaiming the $61,000 mark to trade at $61,484 at the time of writing. Despite the sluggish price recovery, both Zeberg and Crypto Jelle remain steadfast in their belief 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. He predicts that the forthcoming recession will trigger a severe bear market, expected to unfold in two phases: a “deflationary” phase followed by a “stagflationary” one, with a brief mid-cycle bounce anticipated as the Federal Reserve intervenes in 2025.
