Bitcoin (BTC) Price Predicted to Collapse to $1,760 Before Major Rally

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Sun, 05/10/2020 - 11:03
Alex Dovbnya
Macro trader Henrik Zeberg predicts that Bitcoin bulls will have to endure a lot of pain on the way to $1,760 before another major rally starts
Cover image via stock.adobe.com
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Macro trader Henrik Zeberg has once again called for a major downside move that would take Bitcoin all the way to $1,760.

This extremely bearish price target now seems a tad more realistic hot on the heels of Bitcoin’s 15 percent crash that caught the bulls off-guard earlier today.

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Get ready for a brutal wave

The Elliott Wave chartist believed that Bitcoin reaching its top at roughly $10,070 seemed “logical.”

The leading cryptocurrency was in the five-digit territory just three days ago before ruthlessly retracing its week-long gains in the span of nine minutes on May 10. 

Zeberg expects the bottom of Wave C to be reached in June. Remarkably enough, it would be one year since BTC reached the top of Wave B with a rally to $13,777. 

He explains BTC to decline the in short-term due to soaring real rates (nominal rates minus inflation).   

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Extreme upside potential

Unlike many bears that grab headlines with extreme price predictions, Zeberg is certain that a plunge to his extremely low target will not be the end of Bitcoin.

Conversely, he expects BTC to start a major bull run in 2021 when people start abandoning fiat currencies.

Zeberg predicts that the crypto king is likely to reach $54,000 next year, but he doesn’t rule out that it could go as high as $94,000.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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