Macro expert Henrik Zeberg gave a detailed analysis of the current state of Bitcoin (BTC) and the cryptocurrency market as a whole. Zeberg is known for his negative views on cryptocurrencies, but for now, he has a constructive view of the state of the industry.
The economist predicts that as long as the economy does not fall into recession, the price of bitcoin and other cryptocurrencies will climb. According to Zeberg, this is the result of the return of systemic liquidity, and the Swissblock indicator mentioned by analysts also shows the bullish nature of the current cryptocurrency market.
While the analyst now gives a positive outlook on the market outlook, he has previously mentioned striking parallels between current economic growth and 2007-2008. At that time, the recession also began with a decline in real estate market activity (blue line), followed by a sharp rise in unemployment (orange line). He asserted that our crash could be worse than the crash of 2007-2009, and perhaps even worse than the crash of 1929.
conclusion
The problems of institutions such as Silvergate Bank and Silicon Valley Bank can no longer be sober due to the rise in interest rates set by the Federal Reserve, which are already the first signs that experts are trying to express.
What all current events ultimately mean for Bitcoin remains uncertain. It's hard to say, as this will be the first time in Bitcoin's history that the asset has experienced a global economic crisis. In the most likely scenario, all risky assets will be the first to see a significant decline, and Bitcoin is no exception.
Thanks for reading, we'll see you in the next issue!