Bitcoin may be reaching the peak of euphoria at $120,000, but Henrik Zeberg is not convinced by the rally. In a candid new post, the macro analyst warned that Bitcoin is likely to “collapse” once the long-awaited recession finally arrives.
In his view, the trigger will not be the end of money printing, as Anthony Pompliano suggested in the same thread, but rather something far more deeply rooted in the real economy: a demand shock that drains liquidity from everything, including crypto.
That is where things get uncomfortable. Bitcoin’s current bull run has thrived on narratives surrounding ETF adoption, monetary expansion and digital scarcity.
However, if Zeberg is right, the asset may be standing on legs far weaker than the market assumes. He did not provide any price targets, but when another user forecast an 80% correction across all cryptocurrencies by 2026, Zeberg responded positively.
Looking back at the charts, there is historical weight behind the concern. After reaching highs of almost $69,000 in late 2021, Bitcoin plummeted to sub-$16,000 levels — a drawdown of over 75%.
A similar trajectory from the current high could see it reach the mid-$20,000s by the time the next macro cycle bottoms out. This would not be because the technology has failed but because liquidity has.
For now, the trend still favors the bulls, and the chart remains technically intact. However, the climb has started to flatten and the candles are narrowing, showing hesitancy just as global macro risks begin to resurface.
If this rally is indeed liquidity-driven, the reversal could be painful. Zeberg's perspective challenges the current mood, and this is precisely why it should not be overlooked.
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