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.
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.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
