Bitcoin price could exceed $120,000 with China's economic decision.
Bitcoin (BTC) price could double if it reacts to the Chinese government's decision as before.
The US Securities and Exchange Commission (SEC) approval of spot Ethereum ETFs has left its mark on the market. However, in the meantime, a development has occurred that could push Bitcoin price above $120,000.
The People's Bank of China injected liquidity into the economy and cut interest rates by 10 basis points. Real Vision analyst Jamie Coutts emphasized that when the People's Bank of China injected liquidity in this way in 2016, the price of Bitcoin increased by at least 100% in the following months.
According to Coutts, central bank liquidity injections in this way significantly affect cryptocurrency markets. Whenever the Central Bank of China injects liquidity, the price of Bitcoin increases.
According to CoinGecko data, Bitcoin lost 1.5% of its value in the last 24 hours and was trading at $66k 334.
