Thursday’s macroeconomic data gives significant credence to the Federal Reserve’s ‘soft landing’ projections.
The Bitcoin price reacted positively to the data, hitting the $65,000 price mark for the first time since early August.
Meme coins are following BTC’s lead, with Shiba Inu up by 20% and Brett and Pepe up by double digits.
The demand for new meme coins is also soaring, with low-cap coins like Moo Deng and Pepe Unchained being seen as some of the best crypto to buy now.
PCE, GDP Data Support Soft Landing Projections – Is The Crypto Bull Market Here?
The latest macroeconomic data spells good news for the US equities and crypto markets.
The GDP growth figure for the second quarter came out at 3.0%, which is in line with market expectations. Additionally, the Q2 core PCE prices also met expectations.
Moreover, the initial jobless claims and durable goods orders beat expectations, while Q2 consumer spending and continuing jobless claims missed the forecast.
All eyes are now on Friday’s Personal Consumption Expenditures and NFP data next week. However, all signs point towards the US Federal Reserve achieving its soft landing target.
Soft landing is a targeted slow-down in the economy which cools inflation levels while avoiding an all-out recession.
The positive data will allow the Fed to continue with its quantitative easing as planned. For instance, the 30-day Fed Fund futures prices are projecting another 50 basis point rate cut in November and a final 25 bps cut in December, data from CME FedWatch reveals.
This is a decidedly bullish scenario for Bitcoin and crypto prices. Moreover, other major economies – including the EU and China – are cutting rates and adding stimulus, which could provide a further boost to risk assets like meme coins.
Will Bitcoin Price Hit A New All-Time High In October?
The Bitcoin price is on the move and is attempting to breach the $65k resistance. BTC has already flipped its 200-day Simple Moving Average, which is now a key support level to hold.
Ultimately, the bull run starts when BTC clears the $68k resistance, which shouldn’t be a tall task. After all, BlackRock is on a Bitcoin buying spree and has added $289 million worth of BTC to its holdings.
However, the possibility of a correction cannot be ignored as well. BTC has failed to breach its descending parallel channel. A rejection from $65k could trigger a downside move to sub-$60k levels.
Nevertheless, BlackRock’s BTC accumulation figures suggest that the bull market is on the horizon and a new all-time for Bitcoin isn’t far away.
Experts believe that meme coins are some of the best crypto to buy in such a scenario.
Best Crypto To Buy Now?
Meme coins remain excellent beta bets on Bitcoin, making them some of the best cryptocurrencies to buy before the next bull run.
With Bitcoin now showing strength, Shiba Inu, Pepe, Brett and Dogwifhat prices are already soaring.
While Pepe reclaimed its $4 billion market cap today, Brett and Popcat are also pushing towards multi-billion dollar valuations.
However, new meme coins are also in high demand. For instance, investors are already printing millions in profit with Moo Deng, a new meme coin based on a baby Hippo. Data from Arkham Intelligence reveals that an investor turned $800 into $3.5 million.
Investors believe that Pepe Unchained (PEPU) could offer similar returns. After all, PEPU has already raised over $15 million in presale funding, a glimpse of its high upside potential.
Moreover, it is a utility-driven meme coin, making it an excellent long-term investment. Indeed, the project is looking to create a new meme coin ecosystem, including a Layer-2 chain, DEX, block explorer and developer grants.
As PEPU nears its IEO, analysts believe that it could offer outsized returns, potentially as much as 100x ROI.
