Macro economist Henrik Zeberg has outlined a compelling case for Bitcoin (BTC) surging to between $110,000 and $120,000 this month.
Zeberg attributed this anticipated rally to a combination of heightened risk appetite across financial markets, substantial inflows into exchange-traded funds (ETFs) focused on digital assets, and growing adoption by major institutions seeking exposure to cryptocurrencies.
In an X post on March 1, Zeberg noted that his primary outlook positions Bitcoin at a cycle peak within the $110,000 to $120,000 range, representing significant upside from its current levels. Indeed, the target implies a possible 80% increase from Bitcoin’s press-time value of $66,052.
Zeberg also considered a less likely but possible extension of the rally, assigning a 25% probability to Bitcoin overshooting to between $140,000 and $150,000 if market momentum intensifies beyond expectations.
“Bitcoin rallies to $110-120K in the primary scenario – fueled by Risk-On Fever, ETF inflows, and continued institutional adoption. There is a secondary scenario at $140-150K (25% probability) should momentum overshoot into a more extended cycle top,” he said.
His framework emphasizes the role of broader economic conditions in fostering a risk-on environment, where investors shift toward high-growth assets like cryptocurrencies amid favorable liquidity and policy signals.
Beyond Bitcoin, the economist extended his analysis to other major digital assets, projecting Ethereum (ETH) to reach between $10,000 and $12,000 as its ratio to Bitcoin converges around 10%, reflecting improved relative performance driven by similar institutional interest and network upgrades.
On the other hand, Solana (SOL), positioned as a high-beta play within the ecosystem, could climb to between $350 and $500, benefiting from amplified volatility and adoption in decentralized applications.
Recent market developments provide context for Zeberg’s optimistic view, with Bitcoin currently trading around $70,000 following a sharp correction from its 2025 high of over $126,000.
Analysts note that this pullback, nearing 50%, aligns with historical patterns but may be mitigated by institutional involvement through ETFs, which have cushioned declines compared to past cycles.
Indeed, this outlook comes at a time when Bitcoin has faced increased volatility, including a sharp dip toward $60,000 amid geopolitical tensions involving U.S. and Israeli strikes on Iran, before rebounding to as high as $68,000.
The cryptocurrency has been under pressure since its 2025 high above $126,000, entering what many describe as a bearish consolidation phase.
