Henrik Zeberg, a macro-economist and trader known for his successful predictions, pointed to a downward move again, saying that the price of Bitcoin will drop to $ 1,760.
The price forecast, which evokes this bear market, regained significance with the digital asset falling 15% today and worried the bulls.
#Bitcoin may have topped in smaller wave (B) of Y. Top here seems logic, as 100% decline of (A) gives us old bottom from 2018 and 1.27% (which is often length of C wave) gives us ~1760. My updated target is latter: 1760 USD before bottom. Why decline? Due to soaring real rates! pic.twitter.com/Gm5tUYWRhE
— Henrik Zeberg (@HenrikZeberg) May 10, 2020
Prepare for a Brutal Surge
According to the Elliott Wave analyst, Bitcoin’s $ 10,070 high level makes sense, and it seems unlikely to surpass it.
The leading cryptocurrency was a 5-digit currency only 3 days ago, but it didn’t take long to lose what it earned all week. The asset suffered a huge loss today in just 9 minutes.
Zeberg predicts that the bottom of the C wave will be reached in July. Remarkably, it has been 1 year since BTC reached $ 13,777, the highest point of the B wave.
“Nothing Happens to Bitcoin”
Unlike many months that stand out with extreme price predictions, Zeberg is confident that this extremely low level will not be the end of Bitcoin.
On the contrary, Zeberg; When people start leaving fiat currencies, it expects BTC to start a big bull run in 2021.
Zeberg estimates that the leading cryptocurrency will reach $ 54,000 next year, but it does not rule out the possibility that it could go up to $ 94,000.