The head macro strategist at Swissblock is predicting major moves for Bitcoin (BTC) in the final quarter of this year.
Henrik Zeberg tells his 155,900 followers on the social media platform X that market conditions have reached a critical point that the macro strategist predicted two years ago.
“We have now reached the bottom of my forecast from Nov. 2022.
S&P500 is at 5770.
I have refined my targets for the S&P500 in blow-off top to 6100-6300. As we get closer – the Fibonacci levels become more precise.
For BTC, the target is now $115,000-$123,000.
Blow-off top will explode into this last quarter of the year. But there is an End.
Recession IS coming.”
With BTC currently trading for $61,999 at time of writing, a rally to $123,000 would represent a 98% increase for the flagship cryptocurrency.
Not every trader is so bullish on BTC’s immediate future. Crypto analyst Benjamin Cowen tells his 862,400 followers on the social media platform X that BTC could spend a season or two slowing down before things speed back up.
“In April, I said Bitcoin would cool off for six-nine months following its ‘mid-cycle top.’
It has been six months, so the time-based component has reached the minimum consolidation.
If there is a labor market scare later this quarter, it could cause BTC to drop again (potentially to the 100-week simple moving average), taking the consolidation to nine months like last cycle.
Probably should be hedged for either scenario.”