Swissblocks Head Macroeconomist Sets Timeline for Bitcoin to Target $115K to $123K

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 Bitcoins latest upward push, which saw it retest the $73K peak on Oct. 29. Zebergs analysis focuses on Fibonacci levels, and key market indicators to make the case for a substantial rally. Bitcoin Fibonacci Levels and Target ZonesThe macroeconomists 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, Zebergs chart suggests a break above BTCs all-time high could trigger the breakout from this channel.

Bitcoin 1M Chart | Henrik Zeberg

The chart identifies the Fibonacci 0.382 level at $71,471, which is important for Bitcoins 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 TopIf 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 Bitcoins 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 Bitcoins 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 WarningsWhile Zebergs 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. https://twitter.com/HenrikZeberg/status/1852263363092336723In 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.

Text source: The Crypto Basic

Market