Macro strategist Henrik Zeberg anticipates a substantial increase in Bitcoin’s value, forecasting a surge of over 64% by the third quarter of 2024. According to a report by The Daily Hodl, in a recent interview with Bloor Street Capital, Zeberg expressed confidence in Bitcoin reaching between $110,000 and $115,000 within the year. He emphasized that the recent consolidation period indicates an imminent upward movement.
Zeberg highlighted that Bitcoin’s current consolidation phase follows a significant move on 20 May. He expects another major upswing around mid-June, projecting continuous uptrends interspersed with pullbacks. By August to October, Zeberg aims to see Bitcoin surpassing $105,000, with a target range of $110,000. Concurrently, he anticipates the S&P 500 reaching around 6,000, marking a critical level for potential market concern.
As of the time of writing, Bitcoin trades at $68,027, down 0.8% in the last 24 hours.
He also forecasts a US economic recession by the end of 2024, likely starting in Q4. Zeberg suggests the stock market will peak roughly two months prior, possibly in August or September. His projections are based on observable weaknesses in various global markets, including Europe and Asia.
Zeberg anticipates that the US market will remain bullish in the near term, driven by capital rotation from weaker markets in Europe and Asia. Additionally, he expects a shift from large-cap to small-cap stocks as the business cycle reaches its final phase.
