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Cryptographic analyst Henrik Zeberg makes an interesting Bitcoin prediction. In a tweet, Zeberg predicts that Bitcoin could skyrocket to $180,000. He gives his target range for this prediction between $170,000 and $180,000, with the minimum being $115,000.
In a weekly Bitcoin chart, Zeberg highlighted Bitcoin’s past cycles and returns from observed lows. Taken from the peak of the cycle, between 2016 and 2018, Bitcoin experienced 95x growth.
Mined from the 2019 lows to the peak of the bull run in November 2021, when Bitcoin hit highs of $69,000, BTC saw 16x growth.
Zeberg identified a Bitcoin bottom that occurred in late 2022. Bitcoin has risen just shy of 1.3x since this bottom, far behind the estimated 10 to 11x growth potential that Zeberg highlighted.
If taken from the current price, which has only demonstrated 1.3x growth, a ten-fold increase in BTC price from cycle lows would be around $313,000.
While Zeberg anticipates a parabolic rise in the price of Bitcoin in the short and medium term, he also predicts that a recession will occur, which could result in the destruction of risk assets, but the time has not yet come.
At the time of writing, BTC was down 1.45% in the last 24 hours to $36,280. BTC rose to a yearly high of about $38,000 last week.
However, this bounce was short-lived as the price fell sharply below the $37,000 support level. BTC price currently remains near this level and a new test is expected soon, with an undetermined outcome.
Short-term traders can continue to make profits, which will take the BTC price towards $34,961. If BTC price rises substantially and stays above the $38,000 mark, it could signal the start of a rally towards $40,000.
