Price Target of $111,000 for Bitcoin (BTC) on the Table, According to Economist Henrik Zeberg – Here’s When – The Daily Hodl

A widely followed economist says that a $111,000 price tag for Bitcoin (BTC) is in the cards amid the alignment of a technical indicator and a bullish market structure.

In a new video update on Trade Gate Hub, economist Henrik Zeberg says that based on a key indicator, it’s possible for the top crypto asset by market cap to “melt up” to six figures by August.

According to Zeberg, the crypto king has historically entered into a parabolic phase after its monthly relative strength index (RSI) goes above 70.

”So I got $110,000-$115,000 for Bitcoin. It is actually a part of a larger pattern. I see that this is either the beginning of a new bull [run], but it needs to take a long break after the blow-off top.

But we haven’t gotten to the really steep part of it yet. We see that we get to [an] RSI above 70, that is really when we see the steep part. And then people say ‘Yeah, but it’s declining,’ but it also did that [previously] into the steep part… And we don’t even have the last of this month, April could still be a very bullish month.”

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Bitcoin’s RSI, a momentum indicator, is currently sitting at 71. Zeberg goes on to say that it’s even possible for Bitcoin to hit a price tag of over $200,000.

“I can actually see in an even crazier world… that we can reach $250,000, but $110,000 to $115,000 is my target.”

Bitcoin is trading for $66,115 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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