According to analyst Henrik Zeberg, the cryptocurrency market could see an "extreme rally". As the market approaches its peak, market sentiment could become "extremely bullish". Zeberg predicts that the US stock market will peak in the second half of 2024, and expects a recession to begin by the end of the year, triggering a "rapid decline" in the market.

According to the latest forecast by Tom Lee, head of research at Fundstart, inflation will see a sharp decline in the second half of the year. He expects the leading cryptocurrency to exceed the $150,000 level in 2024.

U.Today reports that the upcoming Consumer Price Index (CPI) report, if it shows lower-than-expected data, could be a significant positive catalyst for the cryptocurrency market.

Stocks and cryptocurrencies experienced considerable declines in April as the US inflation situation was more stubborn than expected. This has sparked some speculation that the US may be entering another period of "stagflation", with JPMorgan CEO Jamie Dimon comparing the current economic situation to the 1970s. However, Federal Reserve Chairman Jerome Powell quickly dispelled these concerns, injecting some optimism into the market.

Moreover, despite the sharp rise in U.S. stocks after the Federal Reserve said it would reduce borrowing costs this week, Bitcoin has remained shaky and is now on the verge of falling below the $60,000 level. The flagship cryptocurrency has gained more than 45% this year.