Economist Henrik Zeberg is doubling down on his blow-off top price prediction for Bitcoin (BTC) despite what he says are signs of topping in the stock market.
In a new interview with Ran Neuner on the CryptoBanter YouTube channel, Zeberg predicts a move above the $78,000 level early this week as the election results come in.
“I look at the charts and I see that we’re going to see a very big move… Normally after elections, we see a very powerful move, and that is what we see lining up for Bitcoin. I think [Bitcoin] is going to do tremendously well. I think we’ll get to above $78,000 on Tuesday when we have the election. We can have a good move here in the next few days. I’m not bearish right here, right today on those markets.”
However, the chartist believes that the time to get out of risk assets like Bitcoin and stocks is probably sooner than most expect. According to Zeberg, the Dow Jones has likely already topped or is in the process of forming a cycle high before entering a large correction that may coincide with an economic downturn in the US.
Zeberg shares a chart that suggests a 60% crash could be on the horizon for the Dow Jones.
“If you go back in time and you look at these candles, these are associated with market tops. That’s why I’m saying, we do not necessarily see that the top is there – it could go to 44,500 [points] on the Dow and I’m long both crypto and also the stock market – but there’s an end to this, and we’re coming to it. And the end is getting closer, very much closer.”
As for Bitcoin, Zeberg is targeting the $115,00-123,000 range based on Fibonacci levels and historical rising resistances.
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