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Bitcoin Price Prediction: BTC Soars to $67,900; Mixed US Inflation Data & Fed Rate Cut Hopes Fuel Rally

Arslan Butt
Last updated: | 4 min read
Bitcoin Price Prediction
Bitcoin Price Prediction

Bitcoin (BTC) continued its upward momentum, reaching around $67,900. The Federal Reserve’s preferred inflation measure, the Core PCE Price Index, increased by 0.2% month-over-month in April, aligning with expectations but slightly below the previous month’s 0.3% rise. This modest increase may ease some inflation concerns for the Fed, but consistent readings are necessary to support a potential rate cut by September.

The Chicago PMI dropped to 35.4, below the anticipated 41.1, indicating weaker manufacturing activity. These mixed data points suggest a complex economic outlook, with easing inflation but slowing economic activity, hence driving a bullish Bitcoin price prediction.

US Inflation Data and Potential Fed Rate Cut


Bitcoin (BTC) maintained its upward momentum, rising to around $67,900. The Federal Reserve’s preferred inflation measure, the Core PCE Price Index, rose 0.2% month-over-month in April, meeting expectations but falling short of the previous month’s 0.3% rise.

This slight increase could alleviate some inflation concerns for the Fed, but consistent readings are needed to support a rate cut by September.

  • Core PCE Price Index m/m: 0.2% (expected 0.3%)
  • Chicago PMI: 35.4 (previous 37.9)

The Chicago PMI fell to 35.4, below expectations of 41.1, indicating weaker manufacturing activity. These data points suggest a mixed economic outlook, with inflation showing signs of easing while economic activity slows.

This data impacts Bitcoin price as the potential for a Fed rate cut by September becomes more likely if inflation continues to moderate, which could weaken the US dollar and support BTC price gains.

Disappointing US GDP Data Underpins Bitcoin Price

This increase in BTC price is also largely due to the weakening US dollar, which lost traction following disappointing US GDP data. The softer GDP figures prompted traders to anticipate a Federal Reserve rate cut this year, putting pressure on the dollar and boosting BTC.

Key Points:

  • Chicago Fed President Austan Goolsbee highlighted concerns over housing inflation and a robust labor market.
  • Atlanta Fed President Raphael Bostic suggested a rate cut in July is unlikely due to slow inflation progress.
  • New York Fed President John Williams is optimistic that inflation will ease later this year.

US economic data revealed that GDP grew at an annualized rate of 1.3% in Q1, down from the previous 1.6% but in line with expectations.

Additionally, US weekly Initial Jobless Claims rose slightly to 219K, above the market consensus of 218K. These factors, combined with the anticipation of a Fed rate cut, have bolstered Bitcoin’s appeal.

Bitcoin Price Volatility Influenced by Mixed Sentiments in Spot Bitcoin ETF Market


The Spot Bitcoin ETF market exhibited mixed investor sentiments on May 30, 2024, with total investments amounting to $48.71 million.

Notably, Blackrock’s iShares experienced a modest inflow of $2 million, while Fidelity saw a significant $119 million inflow, underscoring strong investor trust. Bitwise also attracted $26 million, indicating growing confidence in its offerings.

Key Points:

  • Blackrock’s iShares: $2 million inflow
  • Fidelity: $119 million inflow
  • Bitwise: $26 million inflow
  • ArkShares: $100 million withdrawal
  • Invesco: $2 million inflow

However, ArkShares faced a substantial $100 million withdrawal, suggesting potential shifts in investor sentiment. Invesco maintained steady interest with a $2 million inflow.

Meanwhile, WisdomTree, Grayscale, Franklin, Valkyrie, and VanEck saw no new investments, likely due to competitive pressures and evolving investor preferences.

These mixed investment flows in the Spot Bitcoin ETF market signal varied investor sentiment, which could lead to increased BTC price volatility. Strong inflows boost market confidence, while significant withdrawals create uncertainty, influencing Bitcoin’s price dynamics.

Bitcoin (BTC/USD) Technical Outlook: June 1, 2024

Exciting New AI Meme Coin Wiener AI – Can It Outperform?


The fun new sausage dog-themed meme coin, Wiener AI (WAI), is more than just a novelty. It offers advanced AI-powered trading tools, adding substantial utility beyond its playful exterior.

With investors already pouring $3,611,700 into WAI’s presale, this early demand signals strong interest in the new meme coin.

In the current market, AI is a hot theme, especially after Nvidia’s impressive earnings. This trend is expected to boost demand for WAI even further.

Not only does WAI come with AI utility, but it also provides a great opportunity for earning passive income. Twenty percent of the total supply is allocated to staking rewards, offering investors a remarkable 396% APY, according to the project’s official website.

At this rate, investors can potentially double their initial presale investment in just a few months.

Crypto experts are eagerly buying into this exciting AI crypto coin. Michael Wrubel, a widely followed crypto analyst with over 312,000 YouTube subscribers, ranks WAI as a top crypto for 2024.

Interested investors need to act fast as the WAI price will increase when the presale reaches $3 million. The current price is $0.00071, giving WAI a market cap of under $50 million. If WAI achieves market leadership, early investors could see significant gains, with the potential for 100x returns or more.

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