Macroeconomist Henrik Zeberg says Bitcoin (BTC) should rocket into the summer if recession fears finally die down.
The economist tells his 109,000 Twitter followers that risk assets will surge into the summer with the king crypto leading the way.
According to Zeberg, a “blow-off top” is developing for equities and crypto, driven mainly by a decline in fixed income yields.
“Blow-off top in development. Main driving force of [the] market rally will be the coming sharp drop in returns. Economy in Goldilocks zone. Risk assets will fly into the summer.”
Zeberg cites data from crypto insight firm Swiss Block. The firm say that BTC is in the process of forming a cup and handle pattern, a bullish technical pattern that suggests incoming momentum to the upside.
In this case, the cup and handle pattern suggests an initial price target somewhere between $35,000 and $52,000, according to Swiss Block.
“We believe there will be a final push down towards $26,500 in the coming days (as much as $25,200 in the worst case scenario). This coincides with the final nudge for a strong reversal to the downside. The minimum goal for the cup and handle pattern is ~$35,000.
The goal for wave three of the EW (Elliott Wave) count of lower degrees is $42,000 or even $52,000 in an expanded version. Bitcoin and altcoins are about to hit rock bottom, which will propel cryptos to much higher levels.
Zeberg continues address crypto bears, saying their predictions are of imminent crash and recession unlikely to happen.
“Economy is 100% NOT in recession. Dear bears, why would the market crash if the economy is not in recession?
Bears are delusional! Every dip, they say, is “the crash.” This is called “the wall of worry!”
Nothing bearish about NASDAQ. The current dip is an OPPORTUNITY to increase LONG POSITIONS.”
Bitcoin is trading at $29,857 at the time of writing, up 9% in the last 24 hours.
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Featured image: Shutterstock/ParabolStudio/Chuenmanuse
