Macroeconomist Henrik Zeberg says that Bitcoin (BTC) should skyrocket into the summer as fears of a recession ultimately subside.
The economist tells his 109,000 Twitter followers that risk assets will soar into the summer with the king crypto leading the way.
[adinserter block="1"]According to Zeberg, a “blow-off top” is developing for stocks and crypto, mostly driven by a fall in fixed-income yields.
“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.”
Zeberg cites data from crypto insights 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 the $35,000 to $52,000 range, according to Swiss Block.
“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.”
Zeberg goes on to address crypto bears, saying that their predictions of an upcoming crash and recession are unlikely to happen.
“Economy is 100% NOT in recession. Dear bears, why should the market crash if the economy is not in recession?
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.”
Bitcoin is trading for $29,857 at time of writing, a 9% gain during the last 24 hours.
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