A closely watched economist believes that crypto and the US stock market are still poised to witness a massive upward move despite the latest correction.
Henrik Zeberg tells his 147,900 followers on the social media platform
“Now everyone finds it easy to see that the markets can fall hard – and we will have a recession.
That was hard for some people a few weeks ago….
But this isn’t it…yet!”
Earlier this year, Zeberg predicted that stocks and crypto would experience a period of extreme rallies before imploding. At the time, he said the Fed would step in and support the economy by printing money as soon as signs appear that the U.S. is heading toward a recession.
With the S&P 500 witnessing a 3% correction on Monday – its worst sell-off since 2022 – Zeberg say his script is playing out now.
“No top yet on the American markets! But as I said in January – by mid-2024 we would start to see the cracks – and a recession would be on its way. I stick to that!”
Zeberg he says now expected the Fed must step in and stimulate market-wide rallies.
“To remind?
Biggest recession and bear market since 1929!
But not yet… Now the ‘Cavalry’ will intervene – creating a strong rebound and new ATHs (all-time highs) in the US markets.
… alone it won’t be enough.”
Him too repeats that the rallies will be steep for crypto, with the asset class seeing a bull market top in October this year.
“Blow-off top will be extreme in certain markets – small caps and crypto – and there will be euphoria.
But we are getting closer to the ultimate summit.”
At the time of writing, Bitcoin (BTC) is trading at $56,015, up about 14% from Monday’s low of $49,000.
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Featured image: Shutterstock/Salamahin/Mia Stendal