Ahead Of The Fed's Decision, Bitcoin And Memecoin Skyrocket

JAKARTA - The price of Bitcoin (BTC) has again scored an important milestone by breaking the US$114,000 (Rp1.87 billion) level, after US Manufacturer Price Index (PPI) data for August showed a sharp decline below expectations.

This development increases the confidence of market players that the Federal Reserve (The Fed) will cut interest rates at a meeting in September.

Historically, Bitcoin tends to experience short-term turbulence whenever Fed cuts interest rates, followed by long-term strong rallies.

Tokocrypto analyst, Fyqieh Almuttaqin, said that the decline in US producer inflation data was a powerful catalyst that made investors again confident in the prospects for Bitcoin bullish.

"However, we still have to be aware of the short-term volatility ahead of the Fed's decision next week," explained Fyqieh in a written statement received on Thursday, September 11.

In addition to Bitcoin, BNB also stole the show by breaking 904 US dollars (Rp 14.8 million), setting a new all-time high.

"BNB has now risen more than 28% since the start of the year, and analysts project price could penetrate the psychological level of 1,400 US dollars (Rp23 million) if this positive trend continues," he said further.

In addition, several memecoins have also shown impressive performance in the past week. Like Dogecoin (DOGE), whose price rose significantly ahead of the launch of the first DOGE ETF, broke through the level of $0.25 (Rp4.1 thousand) which is the highest point since May.

Meanwhile, Shiba Inu (SHIB) managed to penetrate the bullish technical pattern with a resistance target of 0.00001590 US dollars, strengthening mid-term upward trend signals.

Pepe Coin (PEPE) is also no less attractive after successfully breaking out the falling wedge pattern, opening up rally opportunities towards US$0.00001335.

On the other hand, Trump Coin (TRUMP) is still volatile, but the double-bottom pattern formed provides prospects for an increase of up to 11.95 US dollars, or about 37% higher than the current level.

According to Fyqieh, the increase in altcoins and memecoins is inseparable from the macro market. "When Bitcoin is stable above $113,000 and the market is looking forward to easing monetary policy, memecoins like DOGE and SHIB are boosted by speculation and community hype," he said.