Henrik Zeberg, a macro expert, has given a detailed analysis of the current state of Bitcoin (BTC) and the cryptocurrency market as a whole. Zeberg is known for his negative take on cryptocurrencies, but for the time being, he maintains a constructive outlook on the state of the industry.
The economist predicted that the price of Bitcoin and other cryptocurrencies will climb as long as the economy is not in a recession. According to Zeberg, this is a result of a return of liquidity to the system, and the Swissblock indicators, which the analyst mentioned about, also show the bullish nature of the current cryptocurrency market.
While the analyst has now given a positive outlook for the market, he previously cited the striking similarities between the economic growth of the present and that of the years 2007 to 2008. At the time, the recession also began with a fall in property market activity (blue line), which was followed by a sharp increase in unemployment (orange line). He asserts that there is a chance that our crash will be worse than the one from 2007 to 2009 and that it could be even worse than the crash of 1929.
Conclusion
The issues at institutions like Silvergate Bank and Silicon Valley Bank, which were no longer able to keep their heads above water due to the increased interest rates set by the Federal Reserve, are already the first indications of what the expert is trying to say.
What all of the current events will ultimately mean for Bitcoin is still uncertain. It’s difficult to say because it would be the first time in the history of Bitcoin that the asset had experienced a worldwide economic crisis. In the most likely scenario, all risk assets will see a significant decline first, and Bitcoin will be no different.