As a seasoned crypto investor with several years of experience under my belt, I have witnessed the ebb and flow of the digital asset market. The recent news of the People’s Bank of China injecting liquidity into the economy has piqued my interest, as historical trends suggest that this move could lead to significant gains for Bitcoin.
In the expanding crypto market, there’s growing anticipation for the initiation of Ethereum ETF trading. Meanwhile, Bitcoin, the leading digital currency, appears poised for a significant surge. According to historical patterns, Bitcoin could experience a rise of approximately 100%, bringing its value above $120,000.
China and Bitcoin trigger
Jamies Coutts, a well-known cryptocurrency analyst, drew attention of his audience on X by sharing news of the People’s Bank of China (PBoC)’s actions. The Chinese central bank recently added more funds to the economy and reduced interest rates by 0.1 percentage point in an effort to boost growth within the nation.
In 2016, Bitcoin experienced a significant surge of at least 100% following the Chinese Central Bank’s interventions, as previously mentioned by Julien Bittel.
— Jamie Coutts CMT (@Jamie1Coutts) July 22, 2024
Based on Coutts’ findings, the injection of liquidity into the economy by the People’s Bank of China has historically led to a significant increase in Bitcoin’s value within the following month. This trend can be traced back to at least 2016 in the available records.
According to recent cryptocurrency market analysis, there is a widespread belief within the larger crypto community that August could bring significant gains. Several analysts predict this bullish trend may also impact altcoins like Ethereum, Shiba Inu, and XRP, among others.
Recently, Bitcoin experienced a significant bounce back after a downturn caused by the German authorities selling Bitcoins, resulting in a bearish market sentiment. Nevertheless, within just one week, Bitcoin’s price has jumped over 12%, demonstrating a strong weekly recovery.
Analysts foresee new highs for Bitcoin
According to CoinMarketCap’s latest figures, Bitcoin is currently priced at $67,383.33, marking a 0.77% increase in the last 24 hours. Meanwhile, Bitcoin advocate Michael Saylor continues to express optimism regarding the digital currency. On platform X, he recently published a chart comparing Bitcoin’s growth to that of other assets such as gold.
According to a previous U.Today analysis using Bollinger Bands, Bitcoin is predicted to hit $140,000 and set a new record high of $190,000 within the next twelve months.
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2024-07-22 16:59