Henrik Zeberg forecasts Bitcoin rise to $123K by year-end

Economist Henrik Zeberg, head macro strategist at Swissblock, is forecasting a significant rise for Bitcoin (CRYPTO:BTC) in the final quarter of 2024, with potential to reach between $115,000 and $123,000.

Sharing his prediction with his 155,900 followers on social media platform X, Zeberg noted that market conditions have reached a critical point, which he had anticipated back in November 2022.

“We have now reached the bottom of my forecast from Nov. 2022. S&P 500 is at 5770. I have refined my targets for the S&P 500 in blow-off top to 6100-6300. As we get closer – the Fibonacci levels become more precise. For BTC, the target is now $115,000-$123,000. Blow-off top will explode into this last quarter of the year. But there is an End. Recession IS coming,” Zeberg stated.

Zeberg predicts that Bitcoin will experience a "blow-off top" before the year ends, though he warns this will be followed by a recession.

Not all analysts are as optimistic as Zeberg.

Crypto analyst Benjamin Cowen has taken a more cautious approach, predicting that Bitcoin might slow down before gaining momentum again.

Cowen shared his view with his 862,400 followers on X, saying, “In April, I said Bitcoin would cool off for six-nine months following its ‘mid-cycle top.’ It has been six months, so the time-based component has reached the minimum consolidation."

Cowen added, "If there is a labor market scare later this quarter, it could cause BTC to drop again (potentially to the 100-week simple moving average), taking the consolidation to nine months like last cycle. Probably should be hedged for either scenario.”

With differing opinions from market experts, investors are encouraged to develop tailored strategies to navigate Bitcoin’s volatility.

While Zeberg anticipates a sharp rise, Cowen's caution reminds investors of the market's uncertainties.

At press time, the Bitcoin price was $63,849.78.