LIVE“Extreme Rally” Ahead for Crypto, Top Trader Claims
According to analyst Henrik Zeberg, the cryptocurrency market could see an "extreme rally". The sentiment is going to become "extremely bullish" closer to the blow-off-top of this cycle.Zeberg expects U.S. stocks to reach their peaks in the second half of 2024. The analyst expects the recession to start in the last quarter of the year, which will prompt "a fast decline" in the markets. Tom Lee, head of research at Fundstart, recently predicted that inflation would see a dramatic decline in the second half of the year. He expects the leading cryptocurrency to surpass the $150,000 level in 2024. As reported by U.Today, the upcoming consumer price index (CPI) report, which is set to be released on Wednesday, could be a major bullish catalyst for the cryptocurrency market if it shows a lower-than-expected reading.In April, stocks and cryptocurrencies experienced a rather sharp decline after US inflation turned out to be stickier than previously anticipated. This led to some speculation that the U.S. could be entering another period of "stagflation," with JPMorgan CEO Jamie Dimon comparing the current economic conditions to the 1970s. However, Federal Reserve Chair Jerome Powell swiftly shut down these concerns, which injected some optimism into the market.
After the Fed indicated it would reduce borrowing costs this week, the U.S. stock market experienced a substantial rally.
However, Bitcoin remains on shaky ground, currently teetering on the verge of plunging below the $60,000 level. The flagship cryptocurrency is up more than 45% on a year-to-date basis.
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