Economist Predicts Bitcoin Could Surge Above $78,000 Amid Election Results

Economist Henrik Zeberg remains confident in his forecast for Bitcoin (BTC) reaching new heights, specifically predicting a surge beyond $78,000 this week as election results unfold, despite signals of a peak in the stock market.

In a recent discussion with Ran Neuner on the CryptoBanter YouTube channel, Zeberg expressed his belief in a significant price movement for Bitcoin . He noted historical patterns that typically follow elections, suggesting that these events often trigger substantial market shifts. Zeberg stated,

“I anticipate Bitcoin performing exceptionally well, possibly surpassing $78,000 by Tuesday when election results come in. We might witness a noteworthy upward trend in the coming days, and I’m feeling optimistic about the market right now.”

Despite his bullish outlook for Bitcoin, Zeberg warns that investors should be cautious regarding risk assets such as Bitcoin and stocks. He posits that the Dow Jones Industrial Average may have already peaked or is nearing a high point before experiencing a significant correction, which could align with a broader economic downturn in the U.S.

Zeberg presented a chart indicating the potential for a 60% drop in the Dow Jones. He reflected on historical data, stating, “If you analyze past market patterns, you’ll notice that certain candle formations indicate market tops. While the Dow could still reach around 44,500 points, I’m currently optimistic about both cryptocurrency and stock investments. However, I believe we are approaching a turning point, and it is fast approaching.”

For Bitcoin, Zeberg has set his sights on a price target in the range of $115,000 to $123,000, drawing from Fibonacci levels and historical resistance trends.

<span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span>