Economist and macro strategist Henrik Zeberg is warning that Bitcoin (BTC) might quickly attain a cycle peak after which collapse to ranges that will shock many.
In a brand new interview with Anthony Pompliano on The Pomp Podcast, Zeberg says that Bitcoin might attain a high as early as October earlier than plummeting in worth amid a worsening economic system.
“I feel inside the subsequent 50 days you might in all probability see the highest in Bitcoin, and it might be a a lot larger degree than the place we are actually. However I additionally see that the enterprise cycle is rolling over at the moment…
What I see technically in Bitcoin, that it is a large high you may have right here. This isn’t a cyclical high. It is a secular high in Bitcoin, which implies you possibly can see it crashing to a lot decrease ranges than most individuals can perceive.”
Zeberg believes that financial circumstances, reminiscent of manufacturing and gross sales, will proceed to worsen, prompting traders to flee risk-on investments, which he categorizes because the flagship crypto asset.
“It’s actually about the actual economic system. The true economic system is rolling over. And I can’t emphasize that extra, when it does that, danger belongings – and Bitcoin is a danger asset – will crash. Bitcoin goes to have an excellent time for the subsequent few weeks right here till the highest and likewise with the cycle, after which I feel it’s going to be a extremely unhealthy asset to carry for the subsequent few years. After which we’ll should see, as a result of I can solely see down the highway that the Fed will come again in once more.”
Bitcoin is buying and selling for $115,841 at time of writing, up marginally on the day.
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