Key PCE inflation data meets expectations, will Bitcoin price rise in June? Experts also keep an eye on 99BTC

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The Department of Economic Affairs released the personal consumption expenditures price index for May on Friday.

Considered the Federal Reserve's preferred indicator of inflation, PCE appears to indicate that the central bank is winning the war on inflation.

Both the May headline and core PCE YoY prints fell 2.6%, in line with market expectations. Meanwhile, the “supercore” PCE rose just 0.1%, the smallest increase since August 2023.

This data bodes well for Bitcoin and risk assets, considering it increases the likelihood that the Federal Reserve will turn to quantitative easing much sooner than expected. Smart money traders have great interest in BRC-20 tokens like 99Bitcoins given their strong correlation with BTC.

Will the Fed Cut Rates in July?

As mentioned earlier, PCE is the Fed’s preferred inflation measure, and with PCE inching toward the central bank’s 2% inflation target, a Fed pivot may not be far off.

The next FOMC meeting is scheduled for July 31. Currently, the CME FedWatch tool suggests there is only a 10.3% chance of a rate cut at this meeting, highlighting that it is very likely that the central bank will keep rates at 525-550bps.

But the May PCE data could prompt the Fed to change course much earlier than expected. For example, San Francisco Fed President Mary Daly called today’s inflation “good news,” arguing that monetary policy is working.

If the Fed continues to hold rates steady, the next rate cut date is very likely to be September 18. The CME FedWatch tool is signaling a greater than 60% chance of a rate cut at this FOMC meeting.

Will Bitcoin Soar in June?

Bitcoin price has shown a high correlation with macroeconomic outlook. As a result, the Fed's dovish pivot should theoretically provide a big boost for BTC.

This also eases the selling pressure from miners on Bitcoin, paving the way for a significant BTC rally in July.

For example, popular cryptocurrency analyst CrediBULL Crypto (@CredibleCrypto) has been hinting since July that the BTC price will rise significantly in the coming months.

However, for this to happen, the bulls will need to defend the $60,000 support level, especially ahead of the weekly and monthly closes in a few days.

Could 99 Bitcoin Explode Too?

99Bitcoins, a popular cryptocurrency education platform, recently launched a new cryptocurrency learning token, the BRC-20 token.

BRC-20 tokens are expected to be in high demand during this bull market due to their high correlation with Bitcoin.

99BTC has already raised over $2.3 billion in its ICO, indicating strong interest from both smart money traders and retailers.

After all, 99Bitcoins has already built a community that supports the cryptocurrency industry. The company was founded in 2013, before the introduction of the Ethereum blockchain.

The platform currently has over 2.8 million subscribers on its website and over 700,000 subscribers on YouTube. With the new 99BTC token, we are now providing lucrative incentives and rewards to these community members, highlighting the long-term upside potential of the token.

For example, investors can earn free cryptocurrencies simply by completing 99Bitcoins’ learning materials. Token holders also receive lucrative staking rewards, alpha trading signals, and access to VIP groups.

Buyers of the 99BTC pre-sale can also stake their holdings and earn attractive rewards, currently exceeding 700% APY. Additionally, if you visit the 99Bitcoins website and register for the airdrop, 99 lucky winners will receive over $1000 BTC.

https://www.youtube.com/watch?v=G2trqq3KNYE

Due to its unique value proposition, experts like Jacob Bury believe 99BTC could deliver up to 10x returns after launch.

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