Bitcoin Price May Exceed $120,000 With China's Economic Decision

Bitcoin (BTC) price could double if it reacts to the Chinese government's decision as it has in the past.

The US Securities and Exchange Commission's (SEC) approval of spot Ethereum ETFs left its mark on the market. However, in the meantime, a development occurred that could push the 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 rose by at least 100 percent in the following months.

According to Coutts, the central bank's injection of liquidity in this way significantly affects the cryptocurrency market. Whenever the Central Bank of China injects liquidity, the Bitcoin price rises.

According to CoinGecko data, Bitcoin lost 1.5 percent in value in the last twenty-four hours and is traded at $66 thousand 334.