As the broader crypto ecosystem focuses on the likely commencement of trading for spot Ethereum ETFs, Bitcoin, the world’s largest digital cryptocurrency, seems set for an uptick. Based on signals from historical trends, Bitcoin is about to skyrocket by up to 100% to take its price over $120,000.
China and Bitcoin trigger
Notably, Jamie Coutts, a renowned crypto analyst, in a post on X, notified followers of the move by the People’s Bank of China (PBoC). The bank recently injected some liquidity and cut th interest rate by 10 basis point in a bid to support growth in the country.
Meanwhile, the Chinese are back at it. Going back to 2016, these injections by the PBoC has seen #Bitcoin appreciate by at least 100% in the following months. (h/t @BittelJulien) pic.twitter.com/LlZTlCKVvA
— Jamie Coutts CMT (@Jamie1Coutts) July 22, 2024
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According to Coutts, such liquidity injection has always had a corresponding effect on the crypto space. According to records, this pattern traces back to 2016. Each time the PBoC injects capital into the economy, Bitcoin appreciates by a minimum of 100% the next month.
Based on this analysis, there is anticipation in the broader crypto community that August is going to be bullish. Some analysts say the bullish pattern will extend to altcoins such as Ethereum, Shiba Inu and XRP, among others.
Currently, Bitcoin has rebounded positively after the dip it suffered following sales of BTC by the German authorities, which caused a bearish trend on the market for a while. However, Bitcoin has managed to surge more than 12% within a single week with a massive weekly candle.
Analysts foresee new highs for Bitcoin
Per CoinMarketCap data, Bitcoin is trading at $67,383.33, up 0.77% in the past 24 hours. Meanwhile, Bitcoin bull Michael Saylor is also bullish about the digital asset. In a recent post on X, he shared a graph of Bitcoin’s progress against other assets, including gold.
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In an earlier U.Today report, based on the Bollinger Bands, Bitcoin is projected to reach $140,000 and a new all-time-high of $190,000 within a 12-month period.
