Cryptocurrency Market Predicted to Experience Extreme Rally, Says Analyst

According to U.Today, analyst Henrik Zeberg has predicted an 'extreme rally' in the cryptocurrency market. Zeberg anticipates that sentiment will become 'extremely bullish' as we approach the peak of this cycle. He also expects U.S. stocks to reach their zenith in the second half of 2024, with a recession predicted to begin in the final quarter of the year, leading to a swift decline in the markets. Tom Lee, Fundstart's head of research, recently forecasted a significant drop in inflation in the latter half of the year. He also predicts that the leading cryptocurrency will exceed the $150,000 mark in 2024. The forthcoming consumer price index (CPI) report, due for release on Wednesday, could act as a major bullish catalyst for the cryptocurrency market if it reveals a lower-than-expected reading. In April, both stocks and cryptocurrencies saw a sharp drop after U.S. inflation proved to be more persistent than initially thought. This sparked speculation that the U.S. might be entering a period of 'stagflation', with JPMorgan CEO Jamie Dimon likening the current economic conditions to those of the 1970s. However, these concerns were quickly dismissed by Federal Reserve Chair Jerome Powell, which brought a wave of optimism to the market. Following the Federal Reserve's announcement that it would lower borrowing costs this week, the U.S. stock market saw a significant rally. However, Bitcoin remains unstable, currently on the brink of falling below the $60,000 threshold. Despite this, the flagship cryptocurrency has seen a year-to-date increase of over 45%.