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Federal Reserve Chair Jerome Powell adopted a distinctively dovish stance in his Jackson Hole address on Friday.
Unsurprisingly, stocks and crypto prices bounced following the central banker’s speech. The Bitcoin price rallied by 5% to trade as high as $65,000 while meme coins are seeing an even stronger uptick. For instance, the Popcat price is up by over 25% since the speech.
Michael van de Poppe of MN Trading is projecting that Powell’s address may have started the next crypto bull run.
Crypto price predictions from experts have altcoins and meme coins outperforming Bitcoin for the rest of this cycle. Even new meme coins such as PlayDoge could deliver outsized returns in the upcoming bull market euphoria.
Jerome Powell Adopts Dovish Stance
The often-hawkish Jerome Powell has officially pivoted to a dovish stance after two years of quantitative tightening.
Powell announced that the time has come for the Fed to adjust its monetary policy. In a decidedly bullish Jackson Hole address, he claimed that the central bank no longer seeks or welcomes any additional cooling of the US labour market.
The Fed Chair’s stance isn’t surprising. The central bank’s tightening resulted in a weak July jobs report and a higher-than-expected unemployment rate, which sparked recessionary concerns.
Powell’s address guarantees an interest rate cut in September’s FOMC meeting. In fact, the CME FedWatch tool is currently showcasing a 36.5% probability of a 50 bps rate cut, which would decidedly be a bullish surprise for the market.
Top 3 Crypto Price Predictions
With the odds of a Trump victory skyrocketing over the past week and Powell adopting a dovish stance, the next crypto bull run is certainly on the horizon.
We cover the top bullish crypto price predictions from experts regarding how the market could respond to the Fed Chair’s address yesterday.
Bitcoin Price To $84k?
Altcoins will lead the next crypto bull run. However, the largest cryptocurrency is nowhere near done for this cycle.
Popular crypto trader Bluntz (@Bluntz_Capital) is projecting the Bitcoin price to reach $84k, using Elliot Wave Theory to support his conclusion.
He expects a Wave 3 breakout for BTC if it flips the $62k resistance. Following Powell’s dovish statements, the Bitcoin price has breached this resistance and a weekly close above it could kickstart a major bull run.
Notably, Bitcoin is also on the verge of forming a golden cross. The last time this pattern occurred, BTC rallied from $59k to $70k.
Solana Price To Rally By Nearly 50%
The Solana price chart is forming a bullish Adam & Eve Pattern. This suggests that SOL could rally to $164. However, if it breaches this resistance level, it could pave the way for a bullish continuation to $220, a nearly 50% bull rally from its current level.
Indeed, smart money investors are not underestimating SOL or Solana meme coins. In particular, a Trump victory could be extremely bullish for the altcoin, considering it would almost guarantee the approval of spot Solana ETFs.
New Meme Coins Could Deliver 100x Returns
Meme coins are in high demand and for good reason. Powell’s Jackson Hole address and the September rate cuts will flush the crypto market with fresh capital, a decidedly bullish scenario for risk assets such as meme coins.
While tokens such as Pepe, Floki and Popcat will reach new all-time highs, new meme coins could deliver outsized returns, owing to their low market capitalization. After all, several small-scale investors have turned into millionaires with early meme coin investments.
There is a reason why smart money investors are buying new meme coins such as PlayDoge (PLAY). PLAY has already raised over $6 million in its ICO, a sign of its high upside potential.
After all, PlayDoge is a high-utility meme coin. Rather than solely relying on hype, it is launching a Tamagotchi-style play-to-earn game. Similar to Notcoin and Hamster Kombat, the gameplay is beginner-friendly and rewarding, an excellent formula for widespread adoption.
Additionally, PLAY holders can earn staking rewards on both Ethereum and BNB Smart Chain.
Thanks to its strong early demand and unique value proposition, some analysts believe PLAY could offer up to 100x returns, especially during the bull market euphoria. However, the PlayDoge presale is ending on August 26th, leaving investors with less than 3 days to buy the meme coin at its discounted price.
Visit PlayDoge Presale
Source: https://finbold.com/top-crypto-price-predictions-as-jerome-powell-gives-dovish-jackson-hole-speech-bitcoin-solana-meme-coins/