Bitcoin (BTC) Price Predicted to Collapse to $1,760 Before Major Rally

Published by Cyber Flows on

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.

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.


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