Story Highlights Henrik Zeberg predicts that the recent crypto capitulation is setting the stage for a massive bull run He predicts Bitcoin (BTC) could surge past $160,000 and Ethereum (ETH) to $12,000 in the next explosive rally. Zeberg warns this surge will likely mark the final stage of the “Everything Bubble,” followed by a major market crash. The crypto market is currently experiencing one of its most volatile phases. The market has taken a downturn and the sharp correction has shaken confidence across the digital asset space. However, experts argue that these pullbacks are a natural and necessary part of every major bull cycle which resets the investor sentiment before the next big move. Capitulation Before the Surge Henrik Zeberg, Head Macro Economist at Swissblock, has shared his perspective on where the crypto market is headed. According to Zeberg, capitulation does not mark the end, it’s an emotional reset before the final phase begins. He explains that what is happening now across Bitcoin, Ethereum, and the wider crypto market is exactly that: a Wave 2 capitulation coming after the completion of a major Wave B correction. “This is where we should feel the worst (in a Bull Market)” he says. This correction is pushing out weak hands and refreshing market sentiment. It is setting the stage for the next big move, the most explosive phase yet, as Waves 3, 4, and 5 take the market much higher. The Euphoric Blow-Off In Elliot Wave terms, he believes that Wave 3 will be the “euphoric blow-off”, driven by fresh liquidity, growing investor confidence, and a strong Altseason, where money flows rapidly from major coins like Bitcoin and Ethereum into smaller tokens. He predicts that Bitcoin could surge past $160,000, with Ethereum and other major altcoins rising sharply with it. He expects ETH to climb first to $6,000, then $7,500, $10,000, and possibly even $12,000 as the rally gains momentum. The Final Stage of the ‘Everything Bubble’ However, he also warns that this massive rally will mark the final stage of the global “Everything Bubble.” In other words, after the market reaches extreme heights in a parabolic rise, it will eventually face a sharp and painful deflationary crash, a major correction that resets the entire financial system. However, he points out that when the market is at its peak, investor sentiment will say the exact opposite. Zeberg’s outlook offers both hope and caution for crypto investors. Crypto Market Sees Over $500M In Liquidations This comes as the crypto market saw over $500 million in liquidations over the past day. However, analysts are optimistic about the bigger picture, noting that macroeconomic factors still support the potential for new highs. A Healthy Setup for New Highs Analyst Michaël van de Poppe, noted that Bitcoin’s weekly chart looks strong and healthy. He explained that periods of consolidation and correction are normal and even beneficial for sustainable growth. According to him, if the coming week shows a positive move, it could signal that Bitcoin is gearing up for new all-time highs. The weekly chart of #Bitcoin is looking quite good.It's healthy to have periods of consolidation and correction and, if the upcoming week turns out to be green, then we're on the way for new ATHs soon.It's not a chart that's calling 'we've peaked' at all. pic.twitter.com/xrMRv6PZyl — Michaël van de Poppe (@CryptoMichNL) November 3, 2025 He also compared the current market to late Q4 2019. Many altcoin projects are still making solid fundamental progress, even if their prices have not reflected it yet. Once the market begins to move, the recovery in altcoin prices could happen very quickly. He says that the ideal build-up and constant momentum is calling for a big breakout, with altcoins likely to surge past their previous all-time highs.