Bitcoin price expected to surge 100% to over $120,000 following China's interest rate cut

From Investing.com

July 22, 2024 2:00:25 pm:

Bitcoin is poised for an uptick, with predictions of a 100% surge to over $120,000 as spot ETF trading looms. The People’s Bank of China’s liquidity injection and interest rate cut have historically boosted Bitcoin prices by at least 100% the following month.

Positive price action for Bitcoin has been seen post-German authorities’ BTC sales, with a 12% surge in a week. Analysts anticipate a bullish August for Bitcoin and altcoins like Ethereum and others.

Bitcoin is currently trading at $67,383.33, showing a 0.77% increase in the past 24 hours. Analysts, including Michael Saylor, predict new highs with projections of reaching $140,000 and possibly $190,000 within a year based on Bollinger Bands analysis.

Read more at Investing.com: Bitcoin Might Skyrocket 100% as China Cuts Interest Rate By U.Today