Bitcoin’s Final Surge? Economist Predicts Massive Crypto Rally

Economist Henrik Zeberg believes the crypto market is on the verge of its final bullish surge, with Bitcoin and altcoins gearing up for another major rally.

Speaking in a recent Crypto Banter interview, Zeberg dismissed the idea that the market has already peaked, estimating the chances of that being the case at less than 5%. He pointed to several indicators suggesting that Bitcoin and altcoins still have room to run, predicting a strong season ahead for alternative cryptocurrencies.

Analyzing Bitcoin’s price action, Zeberg noted that BTC appears to be following an expanding diagonal pattern, accompanied by a five-wave rally. This pattern, often seen in bullish markets, indicates an ongoing uptrend with progressively higher highs and lows. The five-wave structure aligns with Elliott Wave Theory, which describes a typical bull cycle before a correction sets in.

According to Zeberg, the long-term trend remains intact, and he has consistently maintained that Bitcoin would surpass $100,000 in 2024, even when market sentiment turned bearish. Now, he believes BTC is entering its final upward phase, with a target range of $123,000 to $125,000, potentially extending as high as $140,000.

READ MORE:

Top U.S. Bank Reveals Major Exposure to Bitcoin (BTC)

Regarding altcoins, Zeberg is monitoring the TOTAL3 chart, which tracks the market cap of all crypto assets except Bitcoin, Ethereum, and stablecoins. He views this as a key indicator of the broader altcoin market’s strength and expects it to rally in tandem with Bitcoin’s next move.

He predicts that large-cap altcoins will lead the charge, with assets like Solana taking center stage. Following that, he expects meme coins to gain momentum as the market enters its final bullish stretch. However, he emphasizes that Bitcoin needs to push higher first before altcoins can truly take off.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.