Bitcoin price surfs US PCE inflation as trader keeps $80K BTC price target

Bitcoin held steady above $60,000 as April's US Personal Consumption Expenditures (PCE) inflation data came in at 2.7% year-on-year, matching market expectations and limiting immediate repricing in rate-sensitive assets. The stable inflation reading preserved the current narrative of a potential Fed rate cut later in 2024, supporting risk appetite and maintaining upward pressure on BTC. Traders are interpreting the data as dovish confirmation, reinforcing capital flows into high-beta assets like cryptocurrencies, with one prominent analyst reiterating an $80,000 price target for Bitcoin based on continued macro liquidity expansion. The correlation between BTC and real yields remains elevated, making it sensitive to any shifts in inflation expectations or Fed signaling. Markets will watch the June FOMC meeting summary and upcoming CPI print for further cues on rate trajectory and crypto liquidity conditions.

Bitcoin (BTC) price action is driven by spot ETF flows (IBIT, FBTC, GBTC, ARKB), SEC enforcement actions, institutional adoption announcements, large wallet moves, and miner behaviour. BTC-specific catalysts include halving events every ~4 years.

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