Macro economist and trader Henrik Zeberg has shared a detailed opinion on the current situation around Bitcoin (BTC) and the crypto market in general. Although Zeberg is known for his pessimism on cryptocurrencies, his views on current market conditions remain bullish, for now.
According to the analyst, as long as the economy is not in a recession, the prices of Bitcoin and other cryptocurrencies will continue to rise. This is due to an influx of liquidity back into the system, says Zeberg. The bullish nature of the current crypto market is also evidenced by Swissblock indicators, on which the analyst relies.
Worst is yet to come
As for the medium-term outlook, Henrik Zeberg remains a pessimist. Previously, the economist had claimed that the worst financial crisis since 1929 was coming and that it could already occur this year. Drawing attention to all the same Swissblock indicators, Zeberg indicates that the peak has been reached and the top is beginning to blow off, which, similar to 2008, is the beginning of the collapse.
In the meantime, Bitcoin completely offset yesterday’s pump on the consumer inflation report and returned to values of $24.750 per coin, which is now seen as a solid support level. Overall market capitalization is also holding above the key mark of $1 trillion.