Macroeconomist Henrik Zeberg has warned that Bitcoin (BTC) is in the “most extreme bubble of all time,” cautioning investors to expect a devastating collapse once the ongoing rally reaches its final peak.
Zeberg’s bearish outlook stands in contrast to the prevailing bullish narrative dominating Wall Street and financial media, both of which continue to celebrate Bitcoin’s resilience amid global macro uncertainty.
The economist cautioned that this widespread enthusiasm mirrors the sentiment seen during previous market bubbles, where public excitement often preceded severe downturns, he said in an X post on October 15.
Zeberg expects a final rally before what he warns could be a horrendous crash, potentially one of the steepest in financial history.
His outlook is supported by technical indicators suggesting Bitcoin’s long-term price structure is forming a rising wedge pattern, a setup often associated with major market tops.
The analysis shows Bitcoin entering the fifth and final wave of its long-term uptrend, a phase often marked by peak optimism and sharp reversals.
The expert also highlighted a strong negative divergence between Bitcoin’s price and its Relative Strength Index (RSI) across major timeframes, signaling fading momentum despite continued gains.
His outlook projects three possible outcomes after the peak: a best-case drop to $16,000, a medium-case correction to $4,000, or a worst-case collapse to $150.
The warning comes as some market participants anticipate Bitcoin could still target new highs around $150,000, despite recent volatility. Overall, sentiment remains broadly bullish, with the asset trading mostly above the $100,000 support level for much of 2025.
As of press time, the leading digital currency was trading at $110,889, down 0.5% in the past 24 hours and 10% lower on the week.
In the short term, Bitcoin needs to hold above the $110,000 support to maintain hopes of retesting the $115,000 resistance.
