According to analyst Henrik Zeberg, the cryptocurrency market could experience a “extreme rally”.
According to analyst Henrik Zeberg, the cryptocurrency market could experience a “extreme rally”.
Sentiment will become “extremely bullish” as we approach the peak of this cycle.
Zeberg expects US stocks to reach their highs in the second half of 2024.
The analyst expects the recession to begin in the last quarter of the year, which will cause “a rapid decline” in the markets.
Tom Lee, head of research at Fundstart, recently predicted that inflation would see a dramatic drop in the second half of the year. He expects the leading cryptocurrency to surpass the $150,000 level in 2024.
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As Guru-Investingreported, the upcoming Consumer Price Index (CPI) report, due out 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 saw a fairly steep decline after US inflation turned out to be stiffer than previously expected. This led to some speculation that the United States might be entering another period of “stagflation,” with JPMorgan CEO Jamie Dimon comparing current economic conditions to those of the 1970s. However, the president of the Federal Reserve Jerome Powell quickly dispelled these concerns, injecting some optimism into the market.
After the Federal Reserve indicated it would reduce borrowing costs this week, the US stock market saw a substantial rally.
However, Bitcoin remains on shaky ground and is currently on the verge of falling below the $60,000 level.
The flagship cryptocurrency is up more than 45% so far this year.
