Despite Bitcoin's (BTC) price performance remaining pale, veteran trading expert Henrik Zeberg foresees its imminent 550% rally in the near future. Also, he is highly optimistic about the U.S. stock market, but in the midterm perspective, he expects the largest markets to crash.
$175,000 for BTC: New price target by Henrik Zeberg
Both Bitcoin (BTC) and U.S.-traded stocks are going through a "buy-the-dip opportunity" phase. Once it is over, their indicators will rally to new highs. In this hypothetical run, Bitcoin (BTC), the largest cryptocurrency, might jump to the $175,000 level, analyst Zeberg opines. It is 153% higher than the current November 2021 all-time high and 550% higher than today's price.
In this marvelous rally, the S&P 500 index will spike to 6,100, while the Nasdaq index might reach a high at 27,100. For both stock indexes, it would mean previously unseen parabolic runs.
In particular, Zeberg is optimistic about Riot Platforms Inc (RIOT:NASDAQ), one of the largest and most technically advanced public Bitcoin (BTC) mining companies. While at press time, RIOT is attempting to protect the $10 level, the chartist sees it at $130.
Previously, he predicted the end of the market recession in the U.S. in late Q4, 2023.
However, in his long-term analysis, Zeberg reiterates the possibility of the markets collapsing similar to the Great Depression. Thus, after reaching a "blow-off top," stocks, indexes and cryptocurrencies are doomed to fail in the worst crash since 1929, he says.
Prominent Bitcoin (BTC) bulls remain optimistic despite market apathy
Despite the fact that the $175,000 Bitcoin (BTC) price prediction seems to be too optimistic amid ongoing apathy on the crypto markets, it is below the "average" price target set by Bitcoin (BTC) macro bulls.
The prediction by Zeberg is close to the targets set by Fundstrat's Tom Lee and Pantera Capital, one of the first crypto-focused VC funds. However, it looks too conservative compared to sensational "goals" set by Ark's Cathie Wood, Mike Novogratz of Galaxy Digital and Rich Dad Poor Dad author Robert Kiyosaki.
By press time, Bitcoin (BTC) is trading at $26,738. The largest cryptocurrency lost 1.48% of its capitalization in the last 24 hours.
Tomiwabold Olajide
Arman Shirinyan
Godfrey Benjamin
