- Renowned analyst Henrik Zeberg predicts an extreme rally in the cryptocurrency market, with sentiment expected to turn extremely bullish.
- Zeberg anticipates U.S. stocks to peak in the second half of 2024, followed by a fast decline due to a recession.
- Tom Lee, head of research at Fundstart, forecasts the leading cryptocurrency to surpass the $150,000 level in 2024.
Analyst Henrik Zeberg predicts an extreme rally in the cryptocurrency market, with U.S. stocks expected to peak in the second half of 2024. The leading cryptocurrency is anticipated to surpass the $150,000 level in 2024.
Extreme Rally in Cryptocurrency Market Predicted
According to analyst Henrik Zeberg, the cryptocurrency market could see an extreme rally. The sentiment is expected 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.
Leading Cryptocurrency Expected to Surpass $150,000 Level
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. 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.
Current Economic Conditions and Market Reactions
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.
Conclusion
With predictions of an extreme rally in the cryptocurrency market and the leading cryptocurrency expected to surpass the $150,000 level in 2024, the financial landscape looks promising. However, the volatility of the market and the potential for a recession in 2024 indicate that investors should proceed with caution. The upcoming CPI report could serve as a significant indicator of future market trends.
