Henrik Zeberg, a popular macroeconomist, has said he expects Bitcoin (BTC), the largest cryptocurrency by market cap, to skyrocket into the summer as the fear of recession continues to diminish.
In one of his recent tweets, Zeberg told his teeming followers that risk assets will print a positive price trend into the summer, with Bitcoin leading the way.
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The economist further added that a blow-off top is developing for stock and crypto markets, which is being driven by a decline in fixed-income yields.
Henrik Zeberg tweeted, “Blow-off top developing. Key driver of [the] market rally will be the coming strong decline in yields. Economy in Goldilocks zone. Risk assets will soar into summer.”
As I said yesterday ….. Risk Assets will soar into Summer!#Bitcoin is leading the way
Read more here! https://t.co/PoBCcoH3qn
— Henrik Zeberg (@HenrikZeberg) April 26, 2023
Zeberg further cited data from crypto insights firm Swiss Block, which says that Bitcoin (BTC) is in the state of forming a cup and handle pattern. This is known as a bullish pattern that suggests an incoming upside trend.
According to Swiss Block, the cup and handle pattern suggests an initial price target somewhere between the $35,000 and $52,000 price range
“We believe that a final push lower towards $26,500 is coming in the next coming days (in the worst case move as low as $25,200). This coincides with the final push higher in rates before a strong reversal lower. The minimum target for the cup and handle pattern is ~$35,000.
The target for wave three of the EW (Elliott Wave) count of lower degrees is $42,000 or even $52,000 in an extended version. Bitcoin and altcoins are very close to putting in a low, which will propel cryptos to much higher levels.”
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Zeberg further called out the crypto bears, stating that their predictions of a possible crash and recession are unlikely to occur.
“Economy is 100% NOT in recession. Dear bears, why should the market crash if the economy is not in recession?
Economy is 100% NOT in #Recession
Dear Bears – why should Market crash if Economy is not in recession? pic.twitter.com/LRKXC21Hie
— Henrik Zeberg (@HenrikZeberg) April 26, 2023
The macroeconomist added that “Bears are delusional! According to them, every dip is ‘the crash.’ This is called ‘the wall of worry!’ Nothing bearish about NASDAQ. Current dip is an OPPORTUNITY to increase LONG POSITIONS.”
#Bears are delusional! According to them every dip is "The Crash"
This is called "The Wall of Worry"!
Nothing Bearish about #NASDAQ
Current dip is an OPPORTUNITY to increase LONG POSITIONS
Stay on top of the #BlowOffTop – join:https://t.co/X89WATQHEP pic.twitter.com/2G7xxVumOP
— Henrik Zeberg (@HenrikZeberg) April 26, 2023
At the time of filing this report, Bitcoin (BTC) is trading at $28,911, with a relatively 2% price upsurge in the last 24 hours.
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