The cryptocurrency market might experience "an extreme rally" later this year, according to trader Henrik Zeberg
The sentiment is going to become"extremely bullish" closer to the blow-off-top of this cycle.The analyst expects the recession to start in the last quarter of the year, which will prompt"a fast decline" in the markets.
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 As reported by U.Today, the upcoming consumer price index 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.
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.
However, Bitcoin remains on shaky ground, currently teetering on the verge of plunging below the $60,000 level. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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