Economist and market analyst Henrik Zeberg has provided an updated growth forecast for bitcoin, anticipation that the price of the leading cryptocurrency could rise by $115,000-120,000.

Zeberg, who had forecast a rise to $95,000-$100,000 in December 2022, revised his forecast based on his business cycle model.

Bitcoin on the Verge of a Breakthrough?

Despite the overall bearishness at the end of 2022, Zeberg maintained an bullish stance that he maintains to this day. He noted that while many predicted an “imminent crash,” the market bottomed out in October 2022, setting the stage for the potential rally he now expects.

In a post published on X today, Zeberg reminded his followers of his earlier predictions, emphasizing that he was bullish on Bitcoin even when others were not. He revised his targets upward, aligning his forecast with what he sees as “developing euphoria” in U.S. markets.

While he did not specify when Bitcoin would reach these up-to-date highs, Zeberg remains confident in his predictions, although he does admit that a major recession is on the horizon, which he believes will be worse than the one in 1929.

REMEMBER!?

In December 2022, everyone was in a BEAR mood!

I was bullish!

We were told an “imminent crash” was upon us – despite the fact that the market bottomed out in October 2022.

Based on my business cycle model, I rejected the call. #Recession and then I set my goals… https://t.co/1rw4DVLtKA

— Henrik Zeberg (@HenrikZeberg) August 23, 2024

Market Sentiment and Other Bullish Forecasts

Zeberg’s bullish forecast isn’t the only one suggesting a six-figure price for Bitcoin. Another prominent cryptocurrency analyst, Crypto Jelle on X, recently common similarly bullish outlook. According to Crypto Jelle, the price of Bitcoin could reach as much as $180,000.

He pointed to the bullish megaphone pattern that has formed over the past six months as a key indicator of this potential price target. Crypto Jelle noted that the pattern’s target remains intact and believes that the fourth quarter of this year could bring Bitcoin much closer to this target.

After 6 months of consolidation, this bullish megaphone is still targeting $180,000.

I have a strange feeling that the fourth quarter will bring us much closer to this goal.

Hold on tight and enjoy the ride. #Bitcoin photo: twitter.com/i0Kc8vCv3n

— Jelle (@CryptoJelleNL) August 23, 2024

Zeberg and Crypto Jelle’s predictions come as BTC slowly regains strength, reclaiming $61,000 to trade at $61,484 at the time of writing. Regardless of the ponderous price recovery, Zeberg and Jelle remain confident that Bitcoin is poised for significant gains.

Zeberg, however, cautioned investors that while the market was likely headed toward a clear top, a significant downturn was also likely.

He believes the coming recession will trigger a major bear market, which he predicts will unfold in two phases: a “deflationary” phase, followed by a “stagflationary” phase, with a brief mid-cycle rebound when the Federal Reserve intervenes in 2025.

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