Bitcoin has broken its recent downtrend and set its sights on $70,000 once again. According to the 10x Research report, this price increase is based on factors such as increased stablecoin liquidity and the overall global recovery of the crypto market.

The report expects Bitcoin to reach $70,000 in the next two weeks after rising above $65,000, and reach new highs by the end of October.

This change coincides with the release of Binance founder Changpeng Zhao from US federal prison.

Approximately $10 billion in stablecoins entered the market after the FOMC meeting. This liquidity injection had a significant impact on the crypto market.

China’s $278 billion stimulus plan could also affect BTC prices. According to the report, Chinese crypto brokers saw more than $40 billion in inflows in the first half of the year.

While BTC volatility remains low, institutional investors are able to take larger positions. A rally is likely in Q4.

Do you think BTC will break $70,000? Share your views in the comments.