Economist Henrik Zeberg paints an optimistic picture despite the nearly 10 percent drop Bitcoin (BTC) has experienced this week.
Zeberg stated that the expected “Christmas rally” is still ongoing. Zeberg thinks that BTC will reach a new peak by surpassing the all-time high of $108,200. However, the economist argues that this rally will be shorter than many analysts predict, stating that the peak is close.
Expectation of a sharp decline in Bitcoin
Zeberg, who suggests that Bitcoin will experience a sharp correction after reaching its peak, predicts that the price will fall by about 84 percent from current levels to $16,000. He says this correction will be a precursor to a major bear market that will begin after Bitcoin’s current bull cycle.
Expectations for a boom in altcoins
Zeberg states that altcoins are on the verge of a major rally as Bitcoin’s market dominance declines. Stating that the most explosive phase of the altcoin season will be entered, the economist says that there will be extreme enthusiasm in the market during this period and many experts will make bullish predictions. However, Zeberg suggests that this period is the “last boom phase” and will only last a few weeks, after which a major bear market will begin.
Stay tuned.