Bitcoin (BTC) About to Soar into ‘Blow-Off Top’ for Summer, According to Economist Henrik Zeberg
Macroeconomist Henrik Zeberg says Bitcoin (BTC) should soar this summer as fears of a recession finally subside.
The economist says his 109,000 Twitter followers that risk assets will soar into the summer with the royal crypt leading the way.
According to Zeberg, a “blow-off top” is developing for stocks and crypto, mainly driven by a drop in interest yields.
“Blow-off top development. Key driver for [the] market rally will be the coming sharp decline in yield. Economics in the Goldilocks zone. Risk assets will rise in the summer.”
Zeberg cites data from crypto insight firm Swiss Block. The firm says that BTC is in the midst of forming a cup and handle pattern, a bullish technical pattern that suggests an incoming impulse to the upside.
In this case, the cup and handle pattern suggests an initial price target somewhere between $35,000 to $52,000, according to Swiss Block.
“We believe a final push down towards $26,500 will come in the next few days (worst case, go as low as $25,200). This coincides with the last push higher in rates before a sharp reversal lower. The minimum target for cup and the handle pattern is ~$35,000.
The target for wave three of the EW (Elliott Wave) number of lower degrees is $42,000 or even $52,000 in an extended version. Bitcoin and altcoins are very close to making a low, which will propel cryptos to much higher levels.”
Zeberg continues with address crypto bears, saying their predictions of an upcoming crash and recession are unlikely happen.
“Economy is 100% NOT in recession. Dear Bears, why would the market crash if the economy is not in recession?
Bears are delusional! According to them, every dip is a ‘crash’. This is called the ‘wall of worry!’
Nothing bearish about the NASDAQ. Current decline is an OPPORTUNITY to increase LONG POSITIONS.
Bitcoin is trading at $29,857 at the time of writing, a gain of 9% over the past 24 hours.
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