Top Trader Predicts Major Surge in Cryptocurrency Market
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Alex Dovbnya
Later this year, the cryptocurrency market may surge sharply, suggests trader Henrik Zeberg
Trader Henrik Zeberg foresees an imminent powerful rally in the cryptocurrency market.
The market sentiment is predicted to turn “extremely bullish” as we approach the apex of this cycle’s surge.
Zeberg anticipates that U.S. stock markets will hit their pinnacle in the latter half of 2024.
He envisions the onset of a recession in the closing quarter of the year, precipitating a swift market downturn.
Tom Lee, Fundstart’s head of research, has also recently suggested that inflation will sharply drop in the latter half of the year, and he envisions the premier cryptocurrency breaking past the $150,000 mark in 2024.
As per a U.Today report, the forthcoming consumer price index (CPI) report, set to be published on Wednesday, is tipped to be a significant bullish trigger for the cryptocurrency market should the figures come in below expectations.
In April, stock and crypto markets saw sharp drops after U.S. inflation proved more persistent than anticipated. This sparked conjecture that the U.S. might face a phase of “stagflation” akin to the 1970s, a comparison made by JPMorgan CEO Jamie Dimon. Nonetheless, Federal Reserve Chair Jerome Powell dispelled these doubts, sparking renewed market optimism.
Following signals from the Fed of a potential reduction in borrowing costs, the U.S. equity market enjoyed a robust rally.
Despite this, Bitcoin is precariously close to dipping below the $60,000 threshold.
Year-to-date, the flagship cryptocurrency has appreciated over 45%.
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