Bitcoin To Surge Over $110K In Q3 Despite Impending Recession Fears, Says Economist Henrik Zeberg

In a recent interview, macro strategist Henrik Zeberg made a striking forecast that Bitcoin BTC/USD could experience a significant surge in value, alongside his prediction of an impending U.S. recession.

What Happened: During a discussion on the Bloor Street Capital YouTube channel, Zeberg predicted a substantial rally for Bitcoin, expecting it to soar over 64% from its present value by the third quarter of 2024, The Daily Hodl reported on Tuesday.

Zeberg reaffirmed his previous projection of Bitcoin reaching a price range between $110,000 and $115,000, indicating that the cryptocurrency is on the cusp of an uptrend that was initiated on May 20. He envisions a pattern of surges and periods of consolidation leading to this price target.

Zeberg also shared his outlook on the broader economy, foreseeing a U.S. recession by the end of 2024. He anticipates the recession will begin in the last quarter, with the stock market reaching its peak shortly before, likely in Q3.

See Also: Altcoins ‘Entering Textbook Markup’ As Crypto Analyst Predicts Major Rally

Why It Matters: Zeberg’s predictions arrive amid a backdrop of varying opinions on Bitcoin’s future. Just days before Zeberg’s interview, another crypto analyst suggested that Bitcoin could reach $1 million within the next 10 to 18 months, emphasizing the nascent stage of Bitcoin’s story.

Conversely, another analysis presented a more cautious view, questioning whether Bitcoin had truly escaped the “danger zone” and predicting a potential dip in its value. This contrasting viewpoint underscores the volatile and unpredictable nature of cryptocurrency markets.

Price Action: At the time of writing, Bitcoin was trading 1.87% lower at $68,146.30, according to Benzinga Pro.

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Image generated using Dall-E

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari