Why The Top Is NOT In For U.S. Stocks | Henrik Zeberg

**Ran** (0:00)
What if I told you that the liquidity hasn't even started flowing into Bitcoin yet? And if I told you that the top is not in for US stocks, and that they still got a little bit of a way to rally, but that Bitcoin is also in a bear market, in a major, major, major bear market. What if I put all three facts of those together? What would that change about your outlook and about how you're actually acting or how you're actually investing today? That's what we're going to be talking about today. I've got a great guest with us today. I've got Henrik with us today. Quite a treat to have you here, Henrik. I must say, I've been reading your tweets and I'm confused. Are we in a bull market, in a bear market? Is Bitcoin going to go up? Is Bitcoin going to go down?
I guess we're going to answer all of those questions here today, right?

**Henrik Zeberg** (0:40)
Sure. I mean, it's always a question of perspectives, right? So you could be in a short-term bull market, but in a long-term bear market and vice versa, I think.
So let's hit it off.

**Ran** (0:51)
Okay, so let's start off and just say the tweet that I think everybody, or the communication that everybody I think has got everyone's attention, it says that this is Bitcoin is in a major bear market, not like 2017 to 2019, which in my mind was a real bad bear market, not like 2021 to 23, which was again a really bad bear market. But this is like you're talking about a bigger bear market than those two bear markets.

**Henrik Zeberg** (1:16)
Yeah, and I think this is actually where there is a lot of misunderstanding because I think people, you know, where do we start? When you have a journey, whether it's a bullish or bearish one, then you will see that there will be pullbacks. And you can see that there will be smaller pullbacks in a medium term and in the long term, there can be some larger ones.
What I think we're seeing here is that Bitcoin is coming to a point where we're going to see one of the larger ones after having had five steps. But it's actually the, yeah, what I think is the case at this point here. Now, I'm sharing the screen, I don't know if you'll see it, but I can try to explain it from the screen then.

**Ran** (1:55)
Yeah, let's go.

**Henrik Zeberg** (1:56)
And okay, so the thing is, when we see, when you look at structure like this, and especially one where we have overlapping structures, so the decline in here hit into this one and then so on, well, then you're looking at what potentially could be what is an expanding diagonal here in the Elliott wave terms. And especially when you look at a bearish divergence going into this, so actually the strength into this top here was the strongest down here when it comes to relative strength. It was a little weaker into this one, and now it's actually very weak into this, what we have seen here, even though we have seen price going much higher. So this tells us that we are at a turning point, we are starting to see the stream actually going in the opposite direction, going to be very weak in the river, and it's going to turn. And then people say, yeah, but then are you bearish, are you bullish? Well, if you look to this setup you have here, where this is actually was not the top here, this was a bounce higher, which you can have, but that's another discussion I can give you a little while. But we are actually right now, as I see it, in a bounce of Bitcoin. We have seen a major top here back in, it was in October, we saw a decline. I was first myself hesitant to see that this actually was the first leg lower.
I've been convinced now since the last three, four, five months, I would say.
But nothing moves in a straight line. And that's why I'm saying there's going to be a big rally. This is only technically looking at these things. But if you look at the setup here, I mean, we have a lot of divergence into this one, into this top. It's a multi-year divergence. And even if you go even further back, we can talk almost about a decade long. And that is not going to resolve by a small drop down to 60,000 from 125
This is something bigger and it's going to challenge the low that we had back here in, when was that, 22