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‘Extreme rally’ ahead for cryptocurrencies, top traders say
Alex Dovbnja
According to trader Henrik Zeberg, the cryptocurrency market could experience “an extreme rally” by the end of the year
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According to analyst Henrik Zeberg, the cryptocurrency market could see a “extreme gathering”.
Sentiment will become “extremely bullish” near the end of this cycle.
Zeberg expects US stocks to hit highs in the second half of 2024.
The analyst predicts that the recession will begin in the last quarter of the year, causing “a rapid decline” in the markets.
Tom Lee, head of research at Fundstart, recently predicted that inflation will see a sharp decline in the second half of the year. He expects the major cryptocurrency to surpass the $150,000 level in 2024.
As reported by U.Today, the upcoming Consumer Price Index (CPI) report, which will 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 fell quite sharply after US inflation proved stickier than previously expected. This has led to speculation that the US may be entering another period of “stagflation”, with JPMorgan CEO Jamie Dimon comparing current economic conditions to those of the 1970s. However, Federal Reserve Chair Jerome Powell quickly allayed these concerns, which instilled some optimism in the market.
After the Fed indicated it would reduce borrowing costs this week, the US stock market rallied substantially.
However, Bitcoin remains on shaky ground, currently teetering on the verge of plunging below the $60,000 level.
The flagship cryptocurrency has grown by more than 45% year-on-year.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.