Experienced trader and economist Henrik Zeberg, an expert in macroeconomic cycles and author of The Zeberg Report, which provides an economic outlook on stocks, precious metals and cryptocurrencies, said that major stock indices, Bitcoin (BTC) and other cryptocurrencies are in the 5th Wave. explains its readiness to rise on three charts. We have prepared the shares of the famous economist for Kriptokoin.com readers.
Crypto and stock market poised to rise, according to Henrik Zeberg
According to the statement shared by Henrik Zeberg on his Twitter account, the most important stock market indices (S&P 500, Nasdaq) are approaching bullish returns on weekly charts:
Had I observed that the VIX is still bearish and SPX (and Nasdaq, IWM etc.) is posting Bullish Inverted Candles on the weekly charts, I would probably question my bearish stance! Stocks, crypto and other risk assets will rise in the last 5th wave!
Therefore, the famous economist predicts that they will soon enter the fifth (4-5) wave of the Elliott model. This means that an impressive uptrend is expected in the medium term. In addition, Henrik Zeberg adds that cryptocurrencies can rise with stocks and other risky assets. As it is known, the ‘Fifth wave’ refers to the last period of growth according to the popular Elliott cycles model.
As we previously reported on Somanews, Henrik Zeberg predicted in March 2020 that the leading crypto Bitcoin (BTC) had dropped to $1,700. However, at the beginning of July, it turned bullish.
Bitcoin and stock correlation on the rise
Famous economist Henrik Zeberg, if his prediction comes true, the leading crypto Bitcoin (BTC) may once again increase its correlation with stocks and indices. Analyst Charles Edwards has repeatedly stressed that this correlation increases rapidly in times of extreme fear and extreme greed.
As it will be remembered, at the beginning of 2022, Bitcoin (BTC) caught the 10-year US Treasury interest for the second time in its history. Also, according to experts, as Bitcoin (BTC) becomes an increasingly mature asset, so does its correlation with the Nasdaq and S&P 500. However, Santiment analysts state that this indicator does not work during long rally times.