Bitcoin News: Bitcoin could reach $119,000 if the oil price rise pattern repeats.$ETH
Historical data shows that Bitcoin often gains 16-24% after significant oil price increases.
Bitcoin is currently trading near $102,800, down from its peak of $110,200 last week.
A similar recovery could push Bitcoin to $119,200 by June 21, based on past trends.
Bitcoin is eyeing $119,000 as oil rises, setting up a familiar pattern.
The price of Bitcoin may be ready to explode to $119,000 if historical trends continue after oil price increases. Data shows that Bitcoin has risen between 16% and 24% within days of sharp oil price hikes, despite its initial negative reaction to geopolitical pressures.
Bitcoin dips during oil rise - then rebounds strongly.
During the recent spike, the price of U.S. crude oil jumped 19%, increasing from $64.80 to $77 per barrel between Wednesday and Friday. In turn, Bitcoin fell from $110,200 to $102,800, reflecting its risk-prone nature during uncertain economic periods.
However, historical data reveals a pattern: Bitcoin often rebounds strongly in the days following oil-driven declines.
