Macroeconomist Henrik Zeberg argues that recession fears eventually subside. bitcoin It says (BTC) should skyrocket towards summer.
The economist told 109,000 Twitter followers that risk assets will rise towards the summer and crypto- existence will lead says.
According to Zeberg, a “boom peak” is developing for stocks and crypto, mostly driven by the decline in fixed income returns.
“The eruption peak is developing. The main driver of the market rally will be the strong drop in yields. Economy is in the Goldilocks area. Risk assets will rise towards the summer.”
Zeberg cites data from crypto analytics firm Swiss Block. The firm says that BTC is in the midst of forming a cup and handle pattern, a bullish technical pattern that signals an upside impulse.
In this case, the cup and handle pattern points to an initial price target somewhere in the $35,000 to $52,000 range, according to Swiss Block.
“We believe a final move towards $26,500 will come in the coming days (at worst, it could drop as low as $25,200). This coincides with the last rise in rates before a strong rebound. The minimum target for the cup and handle pattern is $35,000.
The target for the third wave of the low-grade EW (Elliott Wave) count is $42,000 or even $52,000 in an extended version. Bitcoin and altcoins“It is very close to hitting a low that will push cryptos to much higher levels.”
Zeberg continues to appeal to crypto bears, saying that his predictions of an impending crash and recession are unlikely to come true.
“The economy is NOT in 100% recession. Dear bears, why should the market crash if the economy is not in recession?
Bears are dreaming! According to them, every fall means ‘collapse’. It’s called the ‘wall of worry’!
The NASDAQ has nothing to do with the decline. The current decline is an OPPORTUNITY to increase LONG POSITIONS.”
Bitcoin is trading at $29,857 at the time of writing, with a 9% gain in the last 24 hours.