Cryptocurrency analyst believes that the fall of cryptocurrencies is just beginning

Professional analyst Henrik Seeberg shared his assessment of the correlation between the US unemployment rate, the NAHB housing index, the stock market index, and cryptocurrencies. He predicted a collapse for this industry and all global finance. The researcher stated that his pessimistic forecast for the US economy is still relevant.

Seeberg noted that he had observed frightening similarities between the scenarios and the 1929 crisis. The analyst added that the markets were approaching an economic collapse that would last for several years.

To prove his theory about the upcoming «peak» before the collapse, he demonstrated the dynamics of the unemployment rate in the US, the Housing Market Index (HMI) of the National Association of Home Builders (NAHB). The expert noted that in combination with the indicators of technology companies' stock prices, the indicators pointed to the end of the economic cycle. According to him, all markets were «extremely overheated, and the next recession could be much more severe than in 2007−2009.»

According to the analyst, the cryptocurrency market will also suffer greatly. The expert is confident that many cryptocurrencies and tokens will not withstand the pressure.

Seberg emphasized that all attention should be focused on the economic indicators of the 3rd and 4th quarters of 2023. They could be the last bullish period of this market cycle. In addition, the researcher disagreed with the statement of the CEO of Bank of America about his optimism about the global financial picture in the medium term.

Earlier, Seeberg predicted that bitcoin (BTC) would fall to $ 1750 in 2020. This is almost 50% below the actual price bottom of the previous cycle, reached on March 13, 2020.