- Bitcoin (BTC) has recently seen a significant rise, which was accurately predicted by renowned macroeconomist and trading legend, Henrik Zeberg.
- According to Swissblock, an indicator that correlates fundamental Bitcoin on-chain data with price movements, the price of Bitcoin began a movement towards $64,000, as predicted at the beginning of May.
- Swissblock also noted that sellers were exhausted just before the rise, and there was an increase in network growth, indicating limited downside risk and a potential leap on the horizon.
Bitcoin’s recent surge was accurately predicted by renowned analyst Henrik Zeberg. This article delves into the details of this prediction and what it means for the future of Bitcoin.
Accurate Prediction of Bitcoin’s Rise
Henrik Zeberg, a renowned macroeconomist and trading legend, accurately predicted the recent surge in Bitcoin’s price. His prediction was highlighted by Yann Allemann, the founder of Glassnode, in a post dated April 18. Zeberg’s prediction was based on the Swissblock indicator, which noted a turning point in Bitcoin’s price at the beginning of May, leading to a movement towards $64,000.
Swissblock’s Role in the Prediction
Swissblock is an indicator that correlates fundamental Bitcoin on-chain data with price movements. According to Swissblock, sellers were exhausted just before the rise, and there was an increase in network growth. This indicated limited downside risk and a potential leap on the horizon. Swissblock’s “Bitcoin Fundamental Index” was triggered at the right time and level, leading to a clear leap around $60,000 per BTC on May 1 and around $65,000 per BTC on May 6.
Current State of Bitcoin
Looking at the current state of Bitcoin, the $67,000 level appears to be a significant resistance. Investors need to be cautious of potential selling pressures at this level. On the other hand, the significant liquidity at the $62,800 level could act as a magnet and the market may want to clear this liquidity before rising.
Conclusion
In conclusion, the recent surge in Bitcoin’s price was accurately predicted by renowned analyst Henrik Zeberg, based on the Swissblock indicator. The current state of Bitcoin suggests that investors need to be cautious of potential selling pressures at the $67,000 level. However, the significant liquidity at the $62,800 level could act as a magnet, potentially leading to further price increases.
