Henrik Zeberg, a cryptocurrency specialist, offers an intriguing forecast about Bitcoin. Zeberg forecasts in a tweet that the price of Bitcoin may reach $180,000. He states that the least amount he will accept for this forecast is $115,000 and the desired range is between $170,000 and $180,000.
Zeberg displayed Bitcoin’s historical cycles and recoveries from the lowest points on a weekly chart. When compared from the cycle’s apex, Bitcoin increased 95 times between 2016 and 2018.
Drawn from the lowest points of 2019 to November 2021, when the bull market peaked and Bitcoin reached highs of $69,000, BTC saw a 16-fold increase in value.
Zeberg pinpointed a low point for Bitcoin that happened in the latter part of 2022. Since its low, Bitcoin has only grown by 1.3 times, falling well short of Zeberg’s projected 10- to 11-fold growth potential.
Based on the present price, which has only shown a 1.3-fold increase, the price of Bitcoin would have increased by 10 times from cycle lows to over $313,000.
Zeberg believes that the price of Bitcoin will climb in a parabolic fashion in the short to medium range, but he also believes that there will be a recession. This might lead to the collapse of risk assets, but that moment is not yet right.
As of this writing, Bitcoin has dropped 1.45% on the previous day to $36,280. The previous week saw Bitcoin reach an annual high of almost $38,000.
Unfortunately, the price dropped swiftly below the $37,000 support level, making this rally short-lived. The price of bitcoin is presently hovering around this mark, and a retest is anticipated shortly with an uncertain result.
Profit-booking by short-term traders might push the price of bitcoin closer to $34,961. The price of Bitcoin might indicate the beginning of a rally to $40,000 if it increases significantly and stays over $38,000.