The head macro strategist at Swissblock is forecasting significant movements for Bitcoin (BTC) in the final quarter of this year.
Henrik Zeberg shared with his 155,900 followers on the social media platform X that current market conditions have reached a critical juncture he predicted two years ago.
“We’ve now hit the bottom of my November 2022 forecast.
The S&P 500 is at 5770.
I’ve refined my blow-off top targets for the S&P 500 to 6100-6300. As we approach this, Fibonacci levels become more accurate.
For Bitcoin, the target is now $115,000-$123,000.
The blow-off top will unfold in this last quarter of the year. But there’s an end in sight.
A recession IS coming.”
Source: Henrik Zeberg/X
With Bitcoin (BTC) trading at $61,999 at the time of writing, a surge to $123,000 would mark a 98% increase for the leading cryptocurrency.
However, not all traders are equally optimistic about BTC’s immediate outlook. Crypto analyst Benjamin Cowen, who has 862,400 followers on the social media platform X, suggests that BTC might slow down for a while before gaining momentum again.
“In April, I said Bitcoin would cool off for six to nine months following its ‘mid-cycle top.’
It’s now been six months, so the minimum consolidation time has been met.
If there’s a labor market scare later this quarter, BTC could dip again (possibly to the 100-week simple moving average), extending the consolidation to nine months, similar to the last cycle.
It’s wise to hedge for either outcome.”