Altcoin prices will shoot up before recession, according to economist

Economist Henrik Seeberg predicts a huge rise in altcoins, as some of them started to recover much earlier than others.

According to a report by Daily Hodl , Henrik Seeberg predicts the upcoming spike in altcoin prices as a signal of a euphoric bull market amid economic uncertainty.

Seeberg analyzes the TOTAL-ETH-BTC chart (which excl Bitcoin и Ethereum ) and sees an encouraging outlook for altcoins: his view is that in the last phase of this business cycle they will shoot up.

#BLOWOFFTOP far from done yet! 🚀🚀🚀

US #Equities and #Crypto will soar into the final – and most speculative phase – of this Business Cycle. #Altseason will send Alts flying. #euphoria will develop! pic.twitter.com/p8Df1HUY2G

— Henrik Zeberg (@HenrikZeberg) June 7, 2024

It compares what central banks are doing now with their past actions. He pointed the recent interest rate cuts by the European Central Bank as attempts to avoid an economic downturn. Whether this crypto market cycle is even in a consolidation phase before resuming the bullish trajectory or nearing its end has become a matter of debate.

The crypto market struggles with significant price fluctuations. Last week, Bitcoin and Ethereum recorded a reversal of price declines ahead of the release of US labor market data.

Zeberg's prediction is right in line with previous predictions made by Rekt Capital, which hinted at an altcoin resurgence, with a particular focus on Dogecoin .

The approval of spot Ethereum ETF in June is likely to increase competition with Solana , which is good news for projects like Cardano и Polkadot , bigger competitors among established altcoins at a time when investor interest is only growing.