Analysts predict that if the Bank of Japan raises interest rates as expected this month, Bitcoin may correct to $70,000.
TL;DR
Analysts warn that if the Bank of Japan raises interest rates on December 19th, Bitcoin could drop to $70,000, based on historical patterns of over 20% declines after previous hikes.
Tags
On December 14th, according to Cointelegraph, several macro analysts believe that if the Bank of Japan raises interest rates as expected on December 19th, Bitcoin may further retrace to the $70,000 level. Analyst AndrewBTC stated that based on historical data, every rate hike by the Bank of Japan since 2024 has been accompanied by a drop in Bitcoin prices of over 20%, such as a drop of approximately 23% in March 2024, a drop of approximately 26% in July 2024, and a drop of approximately 31% in January 2025. If the Bank of Japan raises interest rates next week, similar downside risks may reappear.