Bitcoin Value Predicted to Surge by Over 64% by Q3 2024
Macro strategist Henrik Zeberg has forecasted a significant surge in the value of Bitcoin, with expectations of a rise of over 64% by the third quarter of 2024. In a recent interview with Bloor Street Capital, Zeberg expressed confidence in Bitcoin reaching a price range between $110,000 and $115,000 within the year. He pointed out that the current consolidation period indicates a forthcoming upward movement for the cryptocurrency.
Bitcoin’s Recent Performance and Future Projections
- Bitcoin’s consolidation phase follows a significant move on 20 May.
- Zeberg expects another major upswing around mid-June.
- Continuous uptrends are projected with intermittent pullbacks.
- By August to October, Zeberg aims to see Bitcoin surpassing $105,000.
- His target range for Bitcoin’s price is between $110,000 and $115,000 by the end of the year.
Moreover, Zeberg also anticipates the S&P 500 index to reach around 6,000, which he views as a critical level with potential implications for the market.
Outlook on the US Economic Landscape
- Forecasts suggest a US economic recession by the end of 2024, possibly beginning in Q4.
- The stock market is expected to peak approximately two months before the recession, potentially in August or September.
- Zeberg’s projections are based on identified weaknesses in global markets, particularly in Europe and Asia.
Zeberg predicts that despite the weaknesses in Europe and Asia, the US market will continue to perform well in the short term. This is expected to be driven by capital rotation from weaker markets in Europe and Asia. Additionally, as the business cycle nears its final phase, there could be a shift from large-cap to small-cap stocks.
Current Bitcoin Price Performance
- As of the time of writing, Bitcoin is trading at $68,027, reflecting a decrease of 0.8% in the last 24 hours.
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