How the Strong Chinese Yuan Influences Bitcoin's Rally
How Bitcoin Relates to Chinese Yuan
As the pseudonymous trading expert further explained, history has shown that this is when Bitcoin always initiates its parabolic rally phase or, in other words, when the Yuan gains strength, Bitcoin shines. Furthermore, TradingShot noted just how strong the historical similarities are:
The USDCNY’s previous cycle in particular, is virtually identical to the current one (2022 – 2024). All the above indicates that we may be on the verge and witnessing the start of BTC’s most powerful part of the Bull Cycle.
Bitcoin Price Analysis
For the time being, Bitcoin is changing hands at the price of $63,270, which indicates a 2.98% decline in the last 24 hours, a loss of 0.23% across the previous seven days, but nonetheless a gain of 7.23% over the past month, according to the most recent chart information.
- Previous rally phases occurred in 2017 and 2020, suggesting similar developments now.
- Prominent analysts suggest Bitcoin could reach record highs between $194,000 and $352,000.
- Investor interest in Bitcoin has shown signs of dwindling, influencing search volumes.
All things considered, Bitcoin might indeed be on the verge of a massive parabolic rally, particularly as other important indicators, alongside the Chinese Yuan, are lining up as well.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.