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Henrik Zeberg, the Head Macroeconomist at Swissblock, recently provided a timeline for Bitcoin to target a new all-time high price.
He discussed this in a recent analysis on X following Bitcoin’s latest upward push, which saw it retest the $73K peak on Oct. 29. Zeberg’s analysis focuses on Fibonacci levels, and key market indicators to make the case for a substantial rally.
Bitcoin Fibonacci Levels and Target Zones
The macroeconomist’s chart displays several important price levels. The report confirmed that Bitcoin currently trades within a prolonged consolidation phase, which has persisted since Bitcoin dropped from the all-time high above $73K in March.
This consolidation phase features a downward sloping channel, suggesting that the bears had gained control of the market since then. However, Zeberg’s chart suggests a break above BTC’s all-time high could trigger the breakout from this channel.
The chart identifies the Fibonacci 0.382 level at $71,471, which is important for Bitcoin’s price action, marking a re-entry into a key area near its historical all-time highs. Below this level, another crucial support zone is identified around $53,000, serving as a potential floor in case of a market correction.
Timeline for Bitcoin to Claim Cycle Top
If Bitcoin holds above this level, it may signal ongoing bullish momentum, but a breach could indicate a shift in market sentiment. However, if Bitcoin holds this support and instead breaks above the upper line, it could soar to greater heights.
His report highlights the Fibonacci 1.618 level close to $115,000 as a probable top for this Bitcoin cycle following a breach. Reaching this target would represent a new all-time high for the premier crypto asset.
This would reinforce the idea that Bitcoin’s bull market might still have room to run. Zeberg believes this upward push could happen within a three-month period. According to his projection, this rally would bring Bitcoin to a range of $115,000 to $123,000 as its cycle top.
This prediction syncs with projections from market veteran Peter Brandt, who recently confirmed that Bitcoin remains within a bearish consolidation phase until it breaches its inverted broadening triangle.
Brandt predicts a $135,000 target for Bitcoin’s cycle top. At press time, Bitcoin trades for $71,493, holding above the psychological support at $71,000 despite the recent downturn. Following a near 3% drop yesterday, Bitcoin has gained 1.81% today, as it aims to recover the previous losses.
Longer-Term Outlook and Economic Warnings
While Zeberg’s short-term target of $115,000 to $123,000 for Bitcoin is bullish, he recently advised investors to be cautious based on his economic outlook shared today.
99.99% has No Idea of what awaits us in 2025 and 2026.
Yes – US market to top in 2024!
But the pain will be felt in 2025 – and later in 2026.
Worst Recession and Bear Market since 1929!
— Henrik Zeberg (@HenrikZeberg) November 1, 2024
In the recent commentary, he warned of an impending economic downturn. Zeberg suggests that the U.S. market may reach a peak in 2024, after which the global economy could face substantial challenges.
He forecasts a severe recession beginning in 2025, potentially followed by a prolonged bear market, which he believes could be the most challenging economic period since the early 20th century.