Bitcoin (BTC) Price Predicted to Collapse to $1,760 Before Major Rally
Macro trader Henrik Zeberg has once again called for a major downside move that would take Bitcoin all the way to $1,760.
This extremely bearish price target now seems a tad more realistic hot on the heels of Bitcoin’s 15 percent crash that caught the bulls off-guard earlier today.
#Bitcoin may have topped in smaller wave (B) of Y. Top here seems logic, as 100% decline of (A) gives us old bottom from 2018 and 1.27% (which is often length of C wave) gives us ~1760. My updated target is latter: 1760 USD before bottom. Why decline? Due to soaring real rates! pic.twitter.com/Gm5tUYWRhE— Henrik Zeberg (@HenrikZeberg) May 10, 2020
Get ready for a brutal wave
The Elliott Wave chartist believed that Bitcoin reaching its top at roughly $10,070 seemed “logical.”
The leading cryptocurrency was in the five-digit territory just three days ago before ruthlessly retracing its week-long gains in the span of nine minutes on May 10.
Zeberg expects the bottom of Wave C to be reached in June. Remarkably enough, it would be one year since BTC reached the top of Wave B with a rally to $13,777.
He explains BTC to decline the in short-term due to soaring real rates (nominal rates minus inflation).
Extreme upside potential
Unlike many bears that grab headlines with extreme price predictions, Zeberg is certain that a plunge to his extremely low target will not be the end of Bitcoin.
Conversely, he expects BTC to start a major bull run in 2021 when people start abandoning fiat currencies.
Zeberg predicts that the crypto king is likely to reach $54,000 next year, but he doesn’t rule out that it could go as high as $94,000.
Let's look at the potential to the upside – following major bottom. The major triangle is a continuation pattern – hence any strong decline to ~1760 is not evidence for #Bitcoin's demise. The upside pot. is min. 34k – likely 54k – pot. 94k during phase of Run-from-Fiat-currencies pic.twitter.com/sQ6bWHkm8U— Henrik Zeberg (@HenrikZeberg) May 10, 2020