Henrik Zeberg, a well-known trader and analyst who runs The Zeberg Report, has reiterated his prediction of a major economic downturn, the worst since the 1929 Great Depression.
He has revised his timeline for this forecast, suggesting that the downturn could begin this October. Zeberg believes that the cryptocurrency market, along with some small-cap assets, will peak this October, leading to widespread market excitement.
Zeberg maintains that we are on the brink of a significant collapse in the Western economy, similar to the Great Depression. He expects some assets, including Bitcoin (BTC), to reach a “blow-off” top before this downturn begins. Based on Fibonacci analysis, he anticipates that Bitcoin could peak at around $120,000 in this cycle.
Zeberg has adjusted his predictions several times. Initially, he suggested watching for a market top by the end of 2023, then revised this to August 2024, and now expects it to occur by October.
His forecast is based on the Elliott wave theory, which outlines stock market phases and suggests that the end of the fifth phase could lead to a substantial decline, potentially reducing Bitcoin’s value by 60% to 80%.
Grayscale Investments has called on the U.S. Securities and Exchange Commission (SEC) to allow the launch of its multi-crypto ETF—the Grayscale Digital Large Cap Fund—arguing that further delays violate statutory deadlines and harm investors.
Robinhood has officially introduced Ethereum (ETH) and Solana (SOL) staking services for its U.S. customers, offering a new way for users to earn rewards on their crypto holdings.
Binance CEO Richard Teng shared an optimistic outlook on the future of cryptocurrencies during an appearance on Mornings with Maria, highlighting growing global acceptance, regulatory progress, and strategic reserve integration.
President Donald Trump announced a sweeping 50% tariff on Brazilian imports, citing political persecution of former President Jair Bolsonaro and rising concerns over digital censorship.