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Bitcoin’s price is consolidating around $64,000 due to the tug-of-war between bull and bear markets. Fundamental and technical analyses indicate a possibility for Bitcoin 
$102,231 to rise to $100,000. Significant developments include the People’s Bank of China announcing extensive monetary policies and interest rate cuts to stimulate the economy, impacting Bitcoin’s trajectory.
Measures to Stimulate China’s Economy
Pan Gongsheng, President of the People’s Bank of China (PBoC), today announced various measures aimed at revitalizing the Chinese economy. These measures were implemented due to concerns regarding the achievability of the approximately 5% growth target for 2024. Actions include a 50 basis point cut in reserve requirements, a 20 basis point reduction in short-term interest rates, and liquidity support.
“This is the most significant PBOC stimulus package since the early days of the pandemic.” – Capital Economics analyst Julian Evans-Pritchard
Additionally, the PBoC plans to reduce mortgage lending costs by up to $5.3 trillion and ease regulations on second home purchases. These moves led to an over 4% increase on the Shanghai Stock Exchange in a single day. Global markets also experienced gains, responding positively to signals from the Chinese stock market. However, Bitcoin’s price continues to fluctuate amid stock purchases.
Russia Shifts to Cryptocurrency with China
Another influential factor in the belief that Bitcoin could reach $100,000 is Russia’s decision to use cryptocurrency in trade with China. According to Moscow Times, Russia plans to make payments in cryptocurrency for military supplies to China. Previously reported, Russian officials will allow a group of initial importers, including electronics manufacturers and some members of the Russian Chamber of Industry, to pay for Chinese goods using cryptocurrencies. The main goal is to challenge the dominance of the US dollar among BRICS countries.
Following the Federal Reserve’s 50 basis point rate cut, the market is optimistic about Bitcoin reaching new highs. Experts assert that the main rally of Bitcoin will be driven by macro and technical factors rather than net inflows into spot Bitcoin ETFs. Wall Street giants, analysts, and financial experts predict that Bitcoin’s price could rise between $100,000 and $150,000 during this cycle.
The Bitcoin price chart is forming a cup-and-handle pattern that could lead to a significant bull rally upon a breakout. If Bitcoin surpasses and consolidates above $67,000, it would support a rally towards $100,000.
Currently, BTC is trading at $63,670, reflecting a 1% increase over the last 24 hours. The 24-hour low and high reached $62,737 and $63,944, respectively. Additionally, trading volume has decreased by 7% in the last 24 hours, indicating a decline in investor interest.
Bitcoin shows potential for growth under current market conditions. The measures taken by China and Russia could positively affect global cryptocurrency markets. For investors, Bitcoin continues to offer significant investment opportunities.
