Trader Henrik Zeberg predicts that the cryptocurrency market could see a significant surge, described as “an extreme rally,” in the coming months.
Henrik Zeberg anticipates that sentiment in the market will turn “extremely bullish” as the cycle approaches its peak. He also foresees U.S. stocks hitting their highest points in the latter half of 2024.
Cryptocurrency Market Anticipates “Extreme Rally”
Analyst Henrik Zeberg suggests that the cryptocurrency market could be on the brink of an “extreme rally.” However, he also forecasts a downturn, predicting that the recession will begin in the final quarter of the year, leading to a rapid market decline.
Meanwhile, Tom Lee, head of research at Fundstart, holds an optimistic view, predicting a significant drop in inflation in the latter half of the year. Lee further anticipates that the leading cryptocurrency will surpass the $150,000 mark in 2024.
Cryptocurrency Market Eyes CPI Report for Bullish Boost
The upcoming release of the consumer price index (CPI) report, scheduled for Wednesday, holds significant potential as a bullish catalyst for the cryptocurrency market. If the report indicates a lower-than-expected reading, it could provide a boost to market sentiment.
In April, both stocks and cryptocurrencies faced a notable downturn following higher-than-anticipated US inflation figures. Concerns arose regarding the possibility of the US entering a period of “stagflation,” reminiscent of the 1970s, as suggested by JPMorgan CEO Jamie Dimon. However, Federal Reserve Chair Jerome Powell promptly addressed these concerns, injecting some optimism back into the market.
Following the Fed’s indication of potential borrowing cost reductions this week, the US stock market witnessed a substantial rally. Nevertheless, Bitcoin finds itself in a precarious position, hovering close to breaking below the $60,000 threshold. Despite this uncertainty, the flagship cryptocurrency has seen impressive year-to-date gains, up by over 45%.
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