Economist Henrik Zeberg is leaning bullish on Bitcoin (BTC) amid the flagship crypto asset’s brief dip of nearly 10% earlier this week.
Zeberg tells his 170,600 followers on the social media platform X that the anticipated “Christmas rally is still on.”
According to the widely followed economist, Bitcoin is primed to rise past the current record high of around $108,200 and reach a new all-time high.
Zeberg further says,
“We are not at the top yet.
BUT – we are much closer to the top and the rally will not continue for as long as many analysts seem to believe.”
Bitcoin is trading at $101,784 at time of writing.
According to the economist, Bitcoin could plunge by around 84% from the current level after reaching the cycle peak.
“Well – my target after blow-off top is approximately $16,000.
Will be interesting.”
Turning to the wider crypto asset market, Zeberg says that altcoins are on the cusp of a massive rally amid a declining level of Bitcoin dominance – the ratio of the market cap of Bitcoin relative to the market cap of all other crypto assets.
Zeberg says,
“Crypto is THIS close to taking off in a major way!
The most explosive phase of the altcoin season is about to set in.
It will create extreme euphoria and “experts” will be all over each other with bullish forecasts.
BUT – this is the last blow-off phase which will last weeks.
After that – major bear market begins!”
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Generated Image: Midjourney
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