Bitcoin Price Hits $61k With CPI Data Below Expectations – New BTC All-Time High Next?

The Consumer Price Index for July came below expectations, giving the Federal Reserve the green light to cut interest rates in September. 

The headline CPI inflation came in at 2.9%, below the expected 3.0%. Meanwhile, core CPI came in at 3.2%, in line with the market expectations. 

🚨 Just In: July US CPI annual inflation rises 2.9%, below expectations for 3.0%.Core CPI inflation increased 3.2% Y/Y, matching forecasts for a gain of 3.2%.The Fed has a green light to cut rates in September. pic.twitter.com/j70ohmDJHM

— Jesse Cohen (@JesseCohenInv) August 14, 2024

The Bitcoin price traded as high as $61,500 in the aftermath of the CPI, before a marginal pullback. However, experts are projecting a strong bullish continuation in the coming days. 

New meme coins such as Pepe Unchained are also in high demand as investors gear up for the next bull run. 

US CPI Beats Market Expectations – Will Bitcoin Price Hit New All-Time High?

Analysts believe that the lower-than-expected CPI inflation is as bullish as it gets for the crypto market, especially as it comes on the heels of Tuesday’s bullish PPI. 

Even before this week’s bullish inflation data, a September rate cut was almost a certainty. The weak July jobs report and high unemployment rate sparked recessionary concerns, making it necessary for the Fed to intervene with quantitative easing. 

However, the bullish CPI print today has substantially increased the odds of a 50 basis points rate cut, rather than the 25 bps cut that the market was pricing in earlier.

Indeed, the CME FedWatch is currently showcasing a 40% likelihood of a 50 bps rate cut in September. Additionally, it expects the central bank to decrease its target rate by 100 basis points by the end of the year. 

Notably, the market was initially pricing in only a 25 bps rate cut in 2024. 

This shift in market expectations could be extremely bullish for the crypto market. The Bitcoin price shows a significant correlation with global liquidity, which is expected to surge after this year’s quantitative easing.

Consequently, experts are projecting BTC to hit a new all-time high. For instance, Micahel van de Poppe on MN Trading expects a strong bullish continuation, provided it flips the $61.5k resistance. 

Today is a big day, it’s CPI day.#Bitcoin remains constant and today is deciding the trend.If we break through $61-61.5K, then the path toward a new all-time high is open. pic.twitter.com/dIQCZ6Xapl

— Michaël van de Poppe (@CryptoMichNL) August 14, 2024

As such, the Gold price hit a new ATH today as investors front-run the upcoming interest rate cuts. 

BTC is also forming a bullish megaphone in the higher time frame. A breakout above the structure means that the largest cryptocurrency could hit six digits during this bull cycle. 

New Meme Coins Such As Pepe Unchained Are Also In High Demand

The Bitcoin price push towards a new all-time high will very likely spark the next crypto bull run, resulting in massive bounces in altcoin prices. 

Smart-money investors are already gearing up for this scenario and stacking new meme coins with high upside potential. This is because new, low-cap meme coins turned several small-scale investors into millionaires during the bull run earlier this year. 

For instance, a new meme coin – Pepe Unchained (PEPU) – has raised nearly $9 million in its presale in a few short weeks. 

Even popular crypto publications such as CoinMarketCap, Techopedia, Binance Square and Bitcoin.com are covering PEPU’s stellar presale performance. 

However, its impressive demand isn’t surprising. Frog-themed meme coins tend to be in high demand and Pepe Unchained’s native Layer-2 chain separates it from other utility-less, run-of-the-mill tokens. 

Indeed, PEPU can offer low trading costs and high staking rewards to token holders, something that other Ethereum meme coins can’t boast about. 

Unsurprisingly, smart money investors are expecting substantial retail investment in this new meme coin, with some even expecting up to 50x returns. 

Visit Pepe Unchained Presale

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.