Bitcoin Could Soar 100% as China Reduces Interest Rates

As the cryptocurrency market anticipates the potential launch of trading for spot ETFs, Bitcoin, the world’s leading digital currency, appears poised for a significant price increase. Historical trends suggest that Bitcoin could rise by as much as 100%, surpassing $120,000.

### China’s Impact on Bitcoin

Renowned crypto analyst Jamie Coutts recently highlighted an important development involving the People’s Bank of China (PBoC). The bank has recently injected liquidity into the economy and reduced interest rates by 10 basis points to foster economic growth. Coutts pointed out that such liquidity injections have historically influenced the crypto market, noting that since 2016, each instance of capital infusion from the PBoC has led to Bitcoin appreciating by no less than 100% in the following month.

This analysis has sparked optimism within the crypto community, with many expecting a bullish trend in August. Some analysts even predict this positive momentum will extend to altcoins like Ethereum and others.

After experiencing a decline due to the sale of Bitcoin by German authorities, which had a negative impact on the market, Bitcoin has now made a strong recovery, gaining over 12% within a week, thanks to a robust weekly performance.

### Analysts Predict Bitcoin’s New Heights

According to recent data, Bitcoin is currently trading at approximately $67,383.33, reflecting a 0.77% increase in the last 24 hours. Bitcoin advocate Michael Saylor also shares an optimistic outlook for the cryptocurrency. In a recent update, he showcased a chart comparing Bitcoin’s growth to other assets, including gold.

Earlier reports have suggested that, based on the Bollinger Bands analysis, Bitcoin could reach $140,000 and potentially hit a new all-time high of $190,000 within the next year.