Economist and macro strategist Henrik Zeberg is warning that Bitcoin (BTC) could soon reach a cycle peak and then collapse to levels that would surprise many.
In a new interview with Anthony Pompliano on The Pomp Podcast, Zeberg says that Bitcoin may reach a top as early as October before plummeting in value amid a worsening economy.
[adinserter block="1"]“I think within the next 50 days you could probably see the top in Bitcoin, and it could be a much higher level than where we are now. But I also see that the business cycle is rolling over at this time…
What I see technically in Bitcoin, that this is a massive top you have here. This is not a cyclical top. This is a secular top in Bitcoin, which means you can see it crashing to much lower levels than most people can understand.”
Zeberg believes that economic conditions, such as production and sales, will continue to worsen, prompting investors to flee risk-on investments, which he categorizes as the flagship crypto asset.
“It’s really about the real economy. The real economy is rolling over. And I cannot emphasize that more, when it does that, risk assets – and Bitcoin is a risk asset – will crash. Bitcoin is going to have a very good time for the next few weeks here until the top and also with the cycle, and then I think it’s going to be a really bad asset to hold for the next few years. And then we’ll have to see, because I can only see down the road that the Fed will come back in again.”
Bitcoin is trading for $115,841 at time of writing, up marginally on the day.
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