China is poised to inject significant liquidity into its economy, which could boost Bitcoin [BTC] and other cryptocurrencies
Historical patterns show that the People’s Bank of China often increases liquidity in August, with previous injections occurring on 11th August in 2020, 31st August in 2021, and 2022, and 28th August in 2023.China might be waiting for the Federal Reserve to cut rates, possibly on 18th September, before ramping up its liquidity efforts. This move could elevate global liquidity.
Bitcoin is currently in its typical post-halving consolidation phase, which often precedes a significant bull run.Examining BTC address holdings on IntoTheBlock shows little movement, suggesting accumulation. The current accumulation hints at a potential rise in BTC and other cryptocurrency prices, driven by anticipated increase in liquidity.The BTC price chart shows a double bottom below the daily 200 EMA, a pattern often signaling a market rally.
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