Why Is Bitcoin Going Up? Best Crypto to Buy Now After 50 bps Fed Rate Cut

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The US Federal Reserve decreased the Federal Funds Rate for the first time since March 2020, a decidedly bullish scenario for the crypto market.

The central bank’s aggressive 50 bps rate cut provided a bullish boost to equities, gold and crypto prices, despite the market already pricing in the move.

The Bitcoin price is up by nearly 6% since the FOMC, trading as high as $63,300 today on Thursday. 

Anticipating the start of another bull run, smart money investors are stacking high-potential crypto coins, in particular meme coins. Experts believe that Popcat, WIF and new meme coins like Crypto All-Stars are some of the best cryptos to buy now. 

Why Is Bitcoin Price Going Up?

The US macroeconomic outlook now appears to be favorable for a crypto bull run. 

Not only did the Fed decide on an aggressive rate cut in Wednesday’s FOMC, its dot plot also indicates another 50 bps easing in 2024.

Furthermore, Fed Chair Jerome Powell’s optimistic outlook on the economy essentially gave a green light to a larger bull run in financial markets.

Popular macro analyst David Brickell highlights that the US economy is currently in the ‘Goldilocks’ state – a resilient, disinflationary environment with an uptick of liquidity. 

Simply put, it is the ideal macroeconomic outlook for a major Bitcoin rally. 

For instance, popular crypto analyst Jelle (@CryptoJelleNL) highlights that the Bitcoin price has broken out of a falling wedge, which had a price target of $100,000.

Similarly, BTC is also forming a bullish flag below its all-time high, which could result in an upside move to $90,000. 

Best Crypto To Buy Now

Meme coins remain the top-performing cryptocurrencies in this cycle, making them the best crypto to buy now for the next bull run. 

For instance, the Popcat price is up by 35% since the FOMC, which experts believe is headed to a multi-billion dollar valuation. 

Similarly, the top Solana meme coin Dogwifhat is up by 17% in the past 24 hours. Experts remain confident that the WIF price will reach $10 in the coming months. 

While Dogecoin has been largely sidelined in this cycle, it is gearing up for a major breakout, considering its RSI has breached a descending trendline. 

Finally, experts are advising not to underestimate small-cap meme coins. 

For instance, a new meme coin – Crypto All-Stars (STARS) – has raised nearly $1.5 million in presale funding, indicating strong investor confidence. 

Its unique unified staking model MemeVault – which accepts 11 meme coins like Doge and Pepe to begin with – is creating a strong buzz. 

Additionally, its sound tokenomics, audited smart contract and strong community backing had made smart money investors quite bullish on the project.