In a stark warning that cuts through the euphoria of soaring charts, Danish economist and financial analyst Henrik Zeberg has sounded the alarm: Bitcoin could crash hard if the Nasdaq 100 faces a major correction.
The Harsh Reality Check
According to Zeberg, there’s nothing inherently “special” about Bitcoin from a market behavior standpoint. Despite its decentralized allure, he argues, BTC is a risk-on asset — the same category that includes high-flying tech stocks. And like them, it thrives in times of excess liquidity and bullish sentiment… and suffers when that sentiment breaks.
Bubble Trouble Ahead
Zeberg is convinced the U.S. stock market is in the midst of a historic bubble, with the market capitalization-to-GDP ratio now exceeding even the levels seen before the 2007 global financial crisis. He sees the current rally in tech stocks, alongside Bitcoin’s rebound, as eerily reminiscent of past bubbles — and believes history is preparing to rhyme once again.
The Correlation Trap
The connection between Bitcoin and the Nasdaq is well-documented:
Both attract speculative traders chasing large swings.
Both are sensitive to liquidity conditions.
Both flourish during risk-on market phases.
For Zeberg, this correlation isn’t coincidental — it’s structural. “Bitcoin and tech stocks moving in tandem makes sense,” he says, “because they’re both tech-related plays on the same speculative capital flows.”
A New Tech Bubble — and a Shared Fate
On August 8, the Nasdaq 100 set yet another intraday record high at 21,464. But for Zeberg, this isn’t a victory lap — it’s a warning siren. He believes we’re deep in “bubble euphoria”, and when the tech bubble pops, Bitcoin will be dragged down alongside it.
The Takeaway for Traders
In Zeberg’s view, ignoring the Nasdaq-Bitcoin connection could be costly. As tempting as the current rally may be, he urges caution: “Don’t get caught in the euphoria — bubbles always burst, and when they do, they take everything with them.”