SwissBlock’s chief macro strategist expects a big move in Bitcoin (BTC) in the final quarter of this year.
Henrik Seberg told his 155,900 followers on social media platform X that market conditions have reached the tipping point predicted by macro strategists two years ago.
“We have now reached the bottom of my forecast from November 2022.
The S&P500 is 5770.
I have narrowed down my blow-off top target for the S&P500 to 6100-6300. The closer you get, the more accurate the Fibonacci levels become.
BTC target is currently between $115,000 and $123,000.
There will be an explosion at the top heading into the last quarter of the year. But there is an end.
A recession is approaching. ”
Source: Henrik Zeberg/X
At the time of writing, BTC was trading at $61,999, and a rise to $123,000 would represent a 98% increase in the flagship cryptocurrency.
Not all traders are so bullish about BTC’s immediate future. Crypto analyst Benjamin Cowen told his 862,400 followers on social media platform X that Bitcoin could slow down for a season or two before things accelerate.
“In April, I said Bitcoin would be underperforming for 6-9 months after a ‘mid-cycle high.
As 6 months have passed, the time-based components have reached minimal integration.
Any labor market uncertainty later this quarter could cause BTC to fall again (possibly to the 100-week simple moving average) with a 9-month consolidation period similar to previous cycles. .
You should probably hedge in either scenario. ”
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