Bitcoin on the Verge of a Breakout? Economist Refines Price Target To $120,000

Samuel Edyme

9 months ago

3 mins read

Bitcoin on the Verge of a Breakout? Economist Refines Price Target To $120,000

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Economist and market analyst Henrik Zeberg has made an updated bullish forecast for Bitcoin, predicting that the leading cryptocurrency could surge between $115,000 and $120,000.

Zeberg, who forecasted a rise to $95,000-$100,000 in December 2022, revised his prediction based on his Business Cycle Model.

Bitcoin On The Verge Of A Breakout?

Despite a generally bearish sentiment in late 2022, Zeberg maintained his optimistic outlook, which he still holds today. He pointed out that while many predicted an “imminent crash,” the market bottomed out in October 2022, setting the stage for the potential rally he now anticipates.

In a post uploaded today on X, Zeberg reminded his followers of his earlier predictions, highlighting that he was bullish on Bitcoin even when others were not. He has adjusted his targets upwards, aligning his forecast with what he sees as “developing euphoria” in the US markets.

Although he did not specify a timeline for Bitcoin to reach these new highs, Zeberg remains confident in his outlook, even while acknowledging that a severe recession, which he predicts will be worse than the one in 1929, is on the horizon.

REMEMBER!?

In December 2022, everybody was BEARISH!

I was BULLISH!

We were told that “Imminent Crash” was ahead of us – despite the fact, that market bottomed in October 2022.

Based on my Business Cycle Model, I dismissed the call of #Recession and I set my targets back then… https://t.co/1rw4DVLtKA

— Henrik Zeberg (@HenrikZeberg) August 23, 2024

Market Sentiment And Other Bullish Predictions

Zeberg’s bullish forecast is not the only one suggesting a six-figure price for Bitcoin. Another prominent crypto analyst, Crypto Jelle on X, recently shared a similarly optimistic outlook. According to Crypto Jelle, Bitcoin’s price could reach as high as $180,000.

Megaphone pattern on Bitcoin chart. | Source: Crypto Jelle on X

He pointed to a bullish megaphone pattern forming over the past six months as a key indicator of this potential price target. Crypto Jelle noted that the pattern’s target remains intact, and he believes that the fourth quarter of this year could bring Bitcoin much closer to this target.

After 6 months of consolidation, this bullish megaphone still has a target of $180,000.

Have a funny feeling Q4 will get us a lot closer to that target.

Hold on tight, and enjoy the ride. #Bitcoin pic.twitter.com/i0Kc8vCv3n

— Jelle (@CryptoJelleNL) August 23, 2024

Zeberg’s and Crypto Jelle’s predictions come when BTC is slowly recovering, reclaiming the $61,000 to trade for $61,484 at the time of writing. Regardless of the sluggishness in price recovery, Zeberg and Jelle remain convinced that Bitcoin is poised for substantial gains.

Bitcoin (BTC) price chart on TradingView — BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

However, Zeberg also cautioned investors that while the market may be heading towards a significant top, a major downturn is also likely.

He predicts that the forthcoming recession will trigger a severe bear market, which he expects to unfold in two phases: a “deflationary” phase followed by a “stagflationary” one, with a brief mid-cycle bounce as the Federal Reserve intervenes in 2025.

Featured image created with DALL-E, Chatt from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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