Economist Henrik Zeberg continues to offer his insights on the potential trajectory of Bitcoin.
Currently priced at $68,575, Zeberg anticipates that Bitcoin might exceed the $78,000 mark within this week. He attributes this expected surge to the influence of forthcoming election outcomes.
### Bitcoin Price Forecast
In a discussion with Ran Neuner on the CryptoBanter YouTube channel, Zeberg expressed his belief that Bitcoin is set to gain considerable traction. He underscored his prediction of a significant rise in Bitcoin’s value following the election results.
“I observe a strong movement in the charts, which is typically seen after elections. I foresee a similar scenario for Bitcoin. There’s a possibility we could break through the $78,000 barrier on Tuesday alongside the election results,” Zeberg stated.
### Market Analysis
Nonetheless, Zeberg cautions that the retreat from high-risk assets, which includes Bitcoin and stocks, might occur sooner than anticipated. He suggests that the Dow Jones Index may have reached its zenith or is nearing a critical correction phase. Zeberg presented a chart indicating a potential 60% decline in the Dow Jones, which he believes could align with an economic downturn in the U.S.
“Those candlesticks suggest that the market is approaching its peak. The Dow could fall to around 44,500 points. At this moment, I am maintaining long positions in both the crypto and stock markets,” he remarked.
Zeberg has set his sights on a Bitcoin price range between $115,000 and $123,000, based on historical resistance levels. He identifies these targets by analyzing past upward trends of Bitcoin. He notes that the current market trend appears to be nearing its conclusion, indicating a potential shift soon.
The anticipated volatility in both Bitcoin and stocks may lead investors to reevaluate their strategies. Zeberg’s predictions provide valuable insights for those tracking market movements.
Given the prevailing uncertainty, it may be wise for investors to bolster their risk management approaches. Zeberg’s forecasts highlight the necessity of being equipped for fluctuations in both the Bitcoin and stock markets.
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### Disclaimer:
The information presented in this article is not intended as investment advice. Investors should recognize that cryptocurrencies are highly volatile and carry significant risk; therefore, independent research is advisable.