Best Crypto to Buy Now As Bitcoin Price Bounces, Dollar Slips On PCE Inflation Data - Is The Bottom In?
Release: 2024/12/21 02:59 Reading: 958
The Bitcoin price is exhibiting bullish strength as the US Dollar has declined following the release of dovish Personal Consumption Expenditures (PCE) data.
The PCE YoY rose by 2.4% in November, falling short of the anticipated 2.5%. Similarly, core PCE stood at 2.8%, below the consensus figure of 2.9%. The monthly PCE data also suggests that economists may have overestimated the threat posed by persistent inflation, which creates a favorable environment for risk assets.
BTC has gained 5.5% following the PCE release, and altcoins are displaying bullish strength as well.
Is the Bear Market Over for Crypto?
The recent crypto market crash has been attributed to the hawkish FOMC speech delivered by US Fed Chair Jerome Powell. Although the central bank reduced interest rates by 25 basis points, in line with market expectations, Powell hinted that the pace of rate cuts could slow down in the future.
Indeed, the Fed's latest Survey of Economic Projections (SEP) revised upward its policy rate and inflation projections, presenting a bearish scenario for risk assets like cryptocurrencies, given Bitcoin's strong correlation with the global money supply.
Consequently, experts anticipate a 20%-25% correction in BTC due to the recent contraction in the Global M2 Money Supply, potentially resulting in a more significant Bitcoin price drop to $81,000.
However, the latest PCE data indicates that the Federal Reserve may have overstated the inflationary pressure within the US economy. Chicago Fed President Austan Goolsbee acknowledged this in his recent remarks.
In fact, Henrik Zeberg, Head Macro Economist at Swiss Block, suggests that a recession poses a more significant threat to the US economy than inflation.
Warren Pies of 3Fourteen Research also believes the Fed will cut interest rates more aggressively than indicated in the latest SEP, creating a bullish outlook for cryptocurrencies.
The Bitcoin price has rebounded nearly 6% from its recent low and is currently trading at $97,300 at the time of writing.
Promising Cryptos to Consider
The crypto market's next surge could belong to altcoins. Data from LookOnChain suggests that whales have been accumulating Ethereum during recent dips.
Arkham Intelligence reports that Donald Trump's World Liberty Financial has acquired $2.5 million worth of ETH, increasing its total Ethereum holdings to $50.5 million.
Experts view XRP as another promising investment opportunity. The token performed better than other large-cap altcoins during the recent crash and has established a double-bottom on its price chart. The XRP price has already appreciated by nearly 13% since the formation of this double-bottom.
Smart money investors are also acquiring low-cap meme coins, anticipating outsized returns during the upcoming "altseason."
Wall Street Pepe (WEPE), for instance, has sustained an impressive performance in its presale despite the broader market decline. The WEPE ICO has generated close to $33 million in less than a month.
In addition to its frog-themed meme status, Wall Street Pepe is a highly functional token. Smart money investors are especially drawn to its imminent VIP "alpha calls" group, which could generate substantial interest among retail investors in the impending bull market.
All WEPE holders will be members of this group, gaining access to cutting-edge market insights, trading strategies, and recommendations for the most promising crypto investments.
Unsurprisingly, notable experts are optimistic about WEPE's potential, with many labeling it as the next meme coin poised for a 100x return.
Visit Wall Street Pepe Presale
Disclaimer: This is a sponsored article and is provided for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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