U.Today – As the broader crypto ecosystem focuses on the likely start of spot ETF trading, Bitcoin, the world’s largest digital cryptocurrency, looks set for a rally. Based on historical trend signals, Bitcoin is on the cusp of soaring by as much as 100% and pushing its price above $120,000.
China and Bitcoin shoot up the price
It is worth noting that Jamie Coutts, a renowned cryptocurrency analyst, in a post on X, notified his followers about the move by the People’s Bank of China (PBoC). The bank recently injected some liquidity and reduced the interest rate by 10 basis points in an attempt to support growth in the country.
According to Coutts, this injection of liquidity has always had a corresponding effect on the crypto space. According to records, this pattern dates back to 2016. Every time the People’s Bank of China injects capital into the economy, the value of Bitcoin increases by at least 100% the following month.
According to this analysis, August is expected to be a bullish month in the crypto community at large. Some analysts say that the bullish pattern will extend to altcoins such as Ethereum and , among others.
Currently, Bitcoin has bounced positively after the drop it suffered following the BTC sales by the German authorities, which caused a bearish trend in the market for a while. However, Bitcoin has managed to rise by more than 12% in a single week with a massive weekly candle.
Analysts predict new highs for Bitcoin
According to data from CoinMarketCap, Bitcoin is trading at $67,383.33, up 0.77% over the past 24 hours. Meanwhile, Bitcoin bull Michael Saylor is also optimistic about the digital asset. In a recent post on X, he shared a chart of Bitcoin’s progress against other assets, including gold.
In a previous report by U.Today, based on Bollinger Bands, Bitcoin is projected to hit $140,000 and a new all-time high of $190,000 within a 12-month period.
This article was originally published on U.Today
