📉 Bitcoin’s Shadow Twin: Why Henrik Zeberg Thinks BTC Will Fall with Nasdaq’s TechBubble2

Economist Henrik Zeberg isn’t buying the “digital gold” narrative — he says Bitcoin is riding shotgun with the Nasdaq straight into a possible tech crash.

📌 Quick Take

• Zeberg’s call: BTC = high-risk tech proxy, not a safe haven
• Macro lens: Nasdaq’s market cap-to-GDP ratio at 170% — bubble territory
• Technical red flag: Broadening top patterns on major stock indexes
• Risk link: If Nasdaq falls, BTC will likely tank alongside
• Counterpoint: Some analysts say strong corporate earnings keep the rally legit

Bitcoin, Meet Your Reflection

Forget the romanticism of Bitcoin as a sovereign, uncorrelated asset. In Zeberg’s view, BTC is a mirror of Nasdaq risk — “as the tech sector faces challenges, so too will Bitcoin.” He calls the current setup “TechBubble2”, evoking the late ‘90s dot-com froth.

BTC’s recent strength, he argues, is less about a paradigm shift in money and more about riding the same liquidity wave that’s inflated tech valuations to historic extremes.

Bubble Math: The Buffett Indicator’s Screaming

The Buffett Indicator — market cap-to-GDP ratio — sits at 170%, eclipsing dot-com peak levels. That’s a flashing neon sign for overvaluation, says Zeberg, and it suggests both tech stocks and Bitcoin could be sitting on a trapdoor.

Overlay that with broadening top formations in index charts, and you’ve got the technical equivalent of storm clouds rolling in over Wall Street.

Not Everyone’s in the Doom Camp

Some market watchers push back, pointing to robust earnings, fat margins, and clean balance sheets as proof this rally isn’t your grandfather’s bubble. But Zeberg warns that if a recession collides with a market top, both Nasdaq and BTC could face a brutal correction.

“Investors must be prepared for the possibility of a market correction,” Zeberg says. “Don’t just focus on the allure of Bitcoin — look at the risks that come with it.”

The Bigger Picture

Zeberg’s take directly contrasts with Willy Woo’s optimism at Baltic Honeybadger. Where Woo worries about structural risks like ETFs and corporate treasuries, Zeberg’s fear is macro-contagion — Bitcoin caught in the downdraft of an overextended tech sector.

TL;DR

Henrik Zeberg says Bitcoin isn’t an island — it’s a Nasdaq satellite. If his TechBubble2 thesis plays out, BTC could follow tech stocks into a steep correction. Bulls point to strong fundamentals, but Zeberg says macro overvaluation could crush both.