Economist and market analyst Henrik Zeberg has made an updated bullish forecast for Bitcoin. to predict that the leading cryptocurrency could rise between $115,000 and $120,000.
Zeberg, who predicted an increase to $95,000-$100,000 in December 2022, revised his forecast based on his Business Cycle Model.
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Despite a generally bearish sentiment at the end of 2022, Zeberg maintained his optimistic view, which he still holds today. He pointed out that while many predicted an “impending crash,” the market bottomed out in October 2022, paving the way for the potential rally he now expects.
In a post uploaded today on He has upgraded his targets and aligned his forecast with what he sees as “evolving euphoria” in US markets.
While he hasn’t specified a timeline for when Bitcoin will reach these new highs, Zeberg remains confident in his prospects even as he acknowledges that a severe recession looms, which he believes will be worse than that of 1929.
TO REMIND!?
In December 2022, everyone was BEARISH!
I was BULLISH!
We were told there was an ‘impending crash’ ahead – despite the market bottoming in October 2022.
Based on my Business Cycle Model, I rejected the call #Recession and then I set my goals… https://t.co/1rw4DVLtKA
— Henrik Zeberg (@HenrikZeberg) August 23, 2024
Market sentiment and other bullish predictions
Zeberg’s bullish forecast isn’t 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, the price of Bitcoin could reach $180,000.
He pointed to a bullish megaphone pattern that has formed 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 the fourth quarter of this year could bring Bitcoin much closer to this target.
After six months of consolidation, this bullish megaphone still has a target of $180,000.
Have a strange feeling. The fourth quarter will bring us a lot closer to that goal.
Hold on tight and enjoy the ride. #Bitcoin pic.twitter.com/i0Kc8vCv3n
— Jelle (@CryptoJelleNL) August 23, 2024
Zeberg and Crypto Jelle’s predictions come as BTC slowly recovers, regaining $61,000 to exchange for $61,484 at the time of writing. Despite the slowness of the price recovery, Zeberg and Jelle remain convinced that Bitcoin is poised for substantial gains.
However, Zeberg also warned investors that while the market may be heading for a significant top, a major downturn is also likely.
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He predicts that the coming recession will trigger a severe bear market, which is expected to unfold in two phases: a “deflationary” phase, followed by a “stagflationary” phase, with a brief mid-cycle recovery when the Federal Reserve intervenes in 2025 .
Featured image created with DALL-E, Chatt from TradingView