Bitcoin (BTC) Price Rally, Shiba Inu (SHIB) Predictions and More: Recap May 16

TL;DR

Bitcoin price rose from $61,500 to above $66,500, possibly boosted by the release of US CPI data. Shiba Inu saw a 9% price increase, with analysts predicting further gains of up to 50% based on technical patterns. PEPE hit a new all-time high on May 15, becoming the third largest meme coin by market cap, with all holders taking paper profits at one point. Resurgence of BTC

After trading sideways for the past few days, the price of the primary cryptocurrency has once again headed north on May 15th. It went from $61,500 to over $66,500 in a matter of hours, currently sitting at around $66,000 (according to CoinGecko data).

BTC Price, Source: CoinGecko

The rebound came shortly after the US Bureau of Labor Statistics released the latest consumer price index (CPI) data. It showed that the inflation rate in the world’s largest economy came in at 3.4%, meeting earlier expectations.

The Federal Reserve’s goal is to reduce annual inflation to 2%. As such, it implemented multiple measures in recent years, including fare hikes. The US central bank hinted at a pivot sometime this year which many industry participants see as a bullish factor for Bitcoin and the industry as a whole.

After all, lower interest rates make it easier to borrow money, potentially sparking more interest in riskier assets like cryptocurrencies.

SHIB forecasts

The popular meme coin has also seen a substantial increase, with its price increasing by 9% on a 24-hour scale.

Several analysts, such as X users Ali Martinez and Dami-Defi, believe that SHIB has yet to witness a bull run. The former predicted a 20% rise if it broke “the upper limit of this descending parallel channel at $0.00002444”.

Dami-Defi was even more optimistic, predicting a 50% increase based on “a falling wedge pattern on the 1D time frame.” They also suggested that the entire meme coin sector will continue to thrive in the coming months.

PEPE’s success

The frog-themed meme coin has outperformed many major cryptocurrencies in recent days, posting a double-digit price increase. As reported by CryptoPotato, it hit a new all-time high on May 15, while its market capitalization approached $5 billion.

PEPE price pulled back slightly in the last few hours, but remains the third largest asset in the meme coin cohort. The fourth largest – dogwifhat (WIF) – follows with a market cap of approximately $3 billion.

As expected, PEPE’s latest revival has benefited investors. In accordance with IntoTheBlock100% of coin holders were in paper profits on May 14th.

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