#BTC110KToday?

Bitcoin could reach $120,000, four main reasons for Bitcoin’s bullishness,

Many experts have predicted that the price of Bitcoin could reach $120,000 this year,

There are four main reasons for this positive trend:

Current price Central bank policy, energy market trend, and technical analysis, Despite recent tensions such as the Iran-Israel conflict and the US airstrike, Bitcoin prices have mostly remained stable above $100,000, which is a testament to its strength,

This stability has given investors confidence and also attracted new buyers, which is expected to lead to further price increases,

Researcher Nikolai Svindergaard said that in the event of war or global instability, there is a temporary decline but prices recover after that, and the recent situation is similar,

According to Glassnode data, weak investors have been selling since June 10 while mature buyers are buying at cheap prices,

This shows that the market sentiment is solid and there is also a tendency to buy the price decline,

On the other hand, some US Federal Reserve officials are in favor of cutting interest rates, which is positive for the stock and crypto markets,

Michelle Bowman and Christopher Waller have supported a rate cut in July, while Chairman Jerome Powell is emphasizing the continuation of his cautious policy,

Powell's speech is expected in the US Congress where he may face tough questions from Republicans,

The sudden drop in oil prices is also welcome because there were fears of a price increase after the US attack on Iran last week, which could increase inflation,

On the contrary, the 6.5% drop in oil prices has reduced inflationary pressures,

Technically, Bitcoin's key moving averages have also given strong bullish signals, including the 100-day simple moving average Including a move above the 200-day moving average, which is a sign of the bullish momentum that has been ongoing since November last year,

All these factors are paving the way for the Bitcoin price to reach $120,000 ....