According to a recent report by 10x Research, Bitcoin has broken out of its downtrend and is aiming for $70,000, driven by an injection of stablecoin liquidity and the overall recovery of the cryptocurrency market.
Of note is Bitcoin's recent breakout above $65,000, with projections of hitting $70,000 in the coming weeks, coinciding with the release of Changpeng Zhao, former CEO of Binance.
The report mentions that following the Federal Reserve's FOMC meeting, nearly $10 billion worth of stablecoins were issued, which has facilitated investment in cryptocurrencies. Currently, the total value of stablecoins in circulation exceeds $160 billion, with a notable increase for Circle's USD coin.
Additionally, stimulus measures in China, worth $278 billion, could contribute to a rally in cryptocurrency prices, reflecting a significant increase in capital inflows into the market.
Despite the rally, Bitcoin's volatility remains moderate, allowing institutional traders to take on larger positions. If projections are accurate, the Bitcoin price is likely to surpass $70,000 in the near future.