Economist Henrik Zeberg believes Bitcoin (BTC) and altcoins are close to igniting the final phase of the crypto bull market.
In a new interview on the Crypto Banter YouTube channel, Zeberg says he’s giving a less than 5% chance that crypto assets have already printed a bull market top.
[adinserter block="1"]“There are no indications for me that the top is in at this point here. I’m looking at various indicators that tell us that the top is in, and I actually think still that we’re going to have a fantastic altcoin season.”
Looking at Bitcoin itself, the economist says that BTC appears to be trading in an expanding diagonal structure while going through a five-wave rally. An expanding diagonal in a bull market suggests that an asset is in an uptrend, printing higher highs and higher lows. Meanwhile, the five-wave rally is based on the Elliott wave theory, which states that a bullish asset tends to witness a five-wave surge before entering a corrective period.
Says Zeberg,
“There’s a very clear pattern, to me at least, which is an expanding diagonal on a very long time frame… This is a monthly chart and this is what has been guiding me all along.
So when people were so negative [in August 2024], I said ‘No, we’re going to have a strong move up, and we’re going to see $100,000 in 2024.’
We did that, and now people are so negative here.
This is the fifth wave. We need the fifth wave… My target which has been $123,000 to $125,000 all along with the potential of going up to $140,000 even.”
At time of writing, Bitcoin is trading for $96,779.
As for the altcoin market, Zeberg says he’s keeping a close watch on the TOTAL3 chart, which tracks the total market cap of all crypto assets excluding Bitcoin, Ethereum (ETH) and stablecoins. According to the economist, the TOTAL3 chart, or what he calls the Alts Index, is close to sparking the next leg up, boosted by his expected bullish BTC price action.
He predicts that large-cap altcoins will initially be the market leaders, followed by memecoins later.
“The Solanas are the ones [that] will be what drive it in this phase… First, we need Bitcoin now to get its act together and move a little higher and then we will be in the final phase…
This is where we should see this pickup of the Bitcoin-driven part of it, and then we should move into the next phase.”
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
