Key PCE Inflation Data Meets Expectations, Bitcoin Price To Rise In June? Experts Also Eye 99BTC



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The Bureau of Economic Affairs released its Personal Consumption Expenditures price index for May today on Friday. 

The PCE – which is considered the Federal Reserve’s favoured inflation metric – seems to indicate that the central bank is winning its war against inflation. 

Both the headline and core PCE YoY prints for May fell to 2.6%, in line with the market’s expectations. Meanwhile, the “supercore” PCE rose only by 0.1%, its smallest increase since August 2023. 

BREAKING: May PCE inflation, the Fed’s preferred inflation measure, fell to 2.6%, in-line with expectations of 2.6%.Core PCE inflation fell to 2.6%, in-line with expectations of 2.6%.Both headline and Core PCE inflation declined last month.Another welcomed sign by the Fed.

— The Kobeissi Letter (@KobeissiLetter) June 28, 2024

The data bodes well for Bitcoin and risk assets, considering that it increases the odds of the Fed pivoting to quantitative easing much earlier than expected. Smart money traders are also eyeing BRC-20 tokens such as 99Bitcoins with great interest, considering their strong correlation with BTC. 

Will The Federal Reserve Cut Interest Rates In July?

As previously mentioned, the PCE is the Fed’s favoured inflation index. With the PCE inching towards the central bank’s 2% inflation target, a Fed pivot may not be far away. 

The next FOMC meeting is scheduled for July 31st. Currently, the CME FedWatch tool is signalling only a 10.3% probability of an interest rate cut at this meeting, highlighting that the central bank will very likely keep its benchmark rate at 525 – 550 bps. 

However, the May PCE may cause the Fed to pivot much earlier than expected. For instance, San Fransisco Fed President Mary Daly has called today’s inflation print “good news”, claiming that the monetary policy is working. 

If the Fed does continue to keep interest rates unchanged, the next date for a rate cut would very likely be September 18th. The CME FedWatch tool is signalling a greater than 60% likelihood of a rate at this FOMC meeting. 

Will Bitcoin Skyrocket In June?

The Bitcoin price has shown a high correlation with the macroeconomic outlook. Consequently, a dovish pivot by the Fed should theoretically provide a major boost to BTC.

As such, the miner selling pressure on Bitcoin is also easing, which paves the way for a significant BTC rally in July. 

For instance, popular crypto analyst CrediBULL Crypto (@CredibleCrypto) is hinting towards a substantial uptick in the BTC price over the coming months, starting in July. 

Yes, I’m telling you there’s a chance. $BTC pic.twitter.com/JSjF9Tf6pg

— CrediBULL Crypto (@CredibleCrypto) June 27, 2024

However, this would require the bulls to defend the $60,000 support level, especially ahead of the weekly and monthly close in a few days. 

Could 99Bitcoins Also Explode?

Popular crypto educational platform 99Bitcoins has recently launched a new learn-to-earn cryptocurrency, fashioning it as a BRC-20 token. 

BRC-20 tokens are expected to be in high demand during this bull cycle, owing to their high correlation with Bitcoin. 

The 99BTC has already raised over $2.3 billion in its ICO, signalling a strong interest from smart money traders and retailers alike. 

After all, 99Bitcoins already has an established community backing in the crypto industry. The company was founded in 2013, even before the inception of the Ethereum blockchain

The platform currently boasts over 2.8 million subscribers on its website, in addition to another 700k on its YouTube. Through the new 99BTC token, it is now offering lucrative incentives and rewards to these community members, which bodes well for the token’s long-term upside potential. 

For instance, investors would get free crypto for simply completing 99Bitcoins’ learning material. Additionally, token holders will receive lucrative staking rewards, alpha trading signals and access to VIP groups. 

Even 99BTC presale buyers can stake their holdings and earn attractive rewards, currently at an APY of over 700%. Furthermore, they can visit the 99Bitcoins website and register for the airdrop, which will award over $1000 in BTC to 99 lucky winners. 

Owing to its unique value proposition, experts such as Jacob Bury believe that 99BTC could deliver up to 10x returns after its launch. 

Visit 99Bitcoins Presale

Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the viewsof Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.  

 





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