dailyhodl.com
The head macro strategist at Swissblock is predicting major moves for Bitcoin ($BTC) in the final quarter of this year.
Henrik Zeberg tells his 155,900 followers on the social media platform X that market conditions have reached a critical point that the macro strategist predicted two years ago.
“We have now reached the bottom of my forecast from Nov. 2022.
S&P500 is at 5770.
I have refined my targets for the S&P500 in blow-off top to 6100-6300. As we get closer – the Fibonacci levels become more precise.
For $BTC, the target is now $115,000-$123,000.
Blow-off top will explode into this last quarter of the year. But there is an End.
Recession IS coming.”
With $BTC currently trading for $61,999 at time of writing, a rally to $123,000 would represent a 98% increase for the flagship cryptocurrency.
Not every trader is so bullish on $BTC’s immediate future. Crypto analyst Benjamin Cowen tells his 862,400 followers on the social media platform X that $BTC could spend a season or two slowing down before things speed back up.
“In April, I said Bitcoin would cool off for six-nine months following its ‘mid-cycle top.’
It has been six months, so the time-based component has reached the minimum consolidation.
If there is a labor market scare later this quarter, it could cause $BTC to drop again (potentially to the 100-week simple moving average), taking the consolidation to nine months like last cycle.
Probably should be hedged for either scenario.”