The U.S. core personal consumption expenditure (PCE) price index increased 0.5% in May, below market estimates of 0.6%. However, when compared year-over-year, the PCE index surged to 3.4% recording its largest gain since 1991.

While the U.S. Federal Reserve expects inflation to be transitory, analysts at BofA differ in their estimation. The bank anticipates U.S. inflation to remain high, in the 2% to 4% range, for the next two to four years and believes the Fed will hike rates in the next six months, barring a financial market crash.

Crypto market data daily view. Source: Coin360

If inflation remains elevated, investors are again likely to focus on Bitcoin (BTC) to hedge their portfolios. A CoinShares report published on June 21 said it was unsure of inflation in the next five years but believed “adding Bitcoin and other real assets as a prudent measure to protect portfolios from the tail-risk of out-of-control inflation.”

Although near-term risk remains, select cryptocurrencies could offer short-term trading opportunities to traders. During a bear phase, traders may focus on booking profits at regular intervals instead of waiting for windfall rallies. Let’s study the charts of the top-5 cryptocurrencies that may turn short-term bullish in the next few days.