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<p>Bitcoin&#39;s recent price action has created excitement across the crypto market. With the price now aiming for $70,000 after surging past $65,000, factors such as strong stablecoin inflows and China&#39;s stimulus measures are driving this rally.</p><h3 id="bitcoin-surges-past-65k">Bitcoin Surges Past $65K</h3><p>In late September, Bitcoin&#39;s price rose above $65,000, breaking a crucial resistance level. Analysts are now predicting further gains, with $70,000 being the next milestone to watch. According to a recent <a href="https://x.com/10x_Research/status/1839469520056094858" rel="noopener noreferrer nofollow">10x Research</a> report, Bitcoin has finally broken free from its recent downtrend. Analysts expect the price to hit $70,000 within the next two weeks, with new all-time highs potentially arriving by late October. Market sentiment is overwhelmingly bullish.</p><h3 id="stablecoin-inflows-drive-bitcoin-s-rally">Stablecoin Inflows Drive Bitcoin’s Rally</h3><p>One key driver of this upward trend is the recent surge in stablecoin liquidity. After the U.S. Federal Reserve postponed a critical rate cut decision during the July 31 Federal Open Market Committee (FOMC) meeting, about $10 billion worth of stablecoins entered the crypto market. This liquidity has had a significant impact on Bitcoin’s price, as traders use stablecoins like USD Coin (USDC) to shift their positions into Bitcoin and other assets.</p><p>The total value of outstanding stablecoins now exceeds $160 billion. This shift in capital is bolstering Bitcoin’s rally, giving traders confidence as they move funds into the leading cryptocurrency.</p><h3 id="china-s-economic-stimulus-and-bitcoin-sentiment">China’s Economic Stimulus and Bitcoin Sentiment</h3><p>China’s recent economic stimulus has also boosted Bitcoin’s price. The <a href="https://www.bbc.com/news/articles/cjd5xlv03jxo" rel="noopener noreferrer nofollow">People&#39;s Bank of China (PBOC)</a> announced a massive $278 billion liquidity injection into the global financial system. Historically, these types of measures have triggered significant rallies in risk assets, including cryptocurrencies.</p><p>The last time China provided major stimulus, Bitcoin experienced a notable price increase. This time, the influence is even greater. Chinese crypto brokers reported over $40 billion in inflows during the first half of 2024, with the majority of those coming from high-value transactions.</p><h3 id="bitcoin-2024-s-top-performing-asset">Bitcoin: 2024’s Top Performing Asset</h3><p>Bitcoin has emerged as the top-performing asset of 2024. According to asset management firm <a href="https://www.vaneck.com/us/en/investments/bitcoin-etf-hodl/" rel="noopener noreferrer nofollow">VanEck</a>, Bitcoin’s price has surged 124% over the past 12 months. The cryptocurrency is outperforming traditional assets, and market experts believe this trend will continue. As global liquidity increases, traders are looking to Bitcoin as a hedge against market uncertainty.</p><h3 id="institutional-traders-eye-larger-positions">Institutional Traders Eye Larger Positions</h3><p>Despite Bitcoin’s strong rally, its volatility remains low, with a 30-day realized volatility of just 41%. This is well below the five-year average. Low volatility has created a favorable environment for institutional traders, who are now able to take on larger positions with reduced risk. According to the 10x Research report, the likelihood of a Q4 rally is exceptionally high. The gains could be front-loaded, leading to an even stronger upward trend by the end of the year.</p><h3 id="will-bitcoin-break-new-records">Will Bitcoin Break New Records?</h3><p>With the combination of stablecoin inflows, China’s stimulus measures, and rising institutional interest, <a href="https://icogemhunters.com/bitcoin-on-fire-chinas-stimulus-fuels-78k-target-will-it-break-new-records/" rel="noopener noreferrer nofollow">Bitcoin</a> is poised to break new all-time highs soon. However, analysts caution that breaking through the $70,000 resistance level will be critical for the continued rally.</p><h3 id="conclusion">Conclusion</h3><p>Bitcoin’s march toward $70,000 has generated excitement across the crypto market. With strong factors such as stablecoin inflows and China’s economic stimulus, the cryptocurrency looks set for further gains. As institutional investors increase their positions and volatility remains low, Bitcoin could reach new all-time highs by late October. However, traders will be watching key resistance levels closely as Bitcoin pushes for the next milestone.</p><p><em><strong>Disclaimer:</strong> This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.</em></p><p></p><p><em>Source: </em><a href="https://icogemhunters.com/bitcoin-set-to-break-70k-stablecoin-surge-and-chinese-stimulus-fuel-rally/" rel="noopener noreferrer nofollow">ICO Gem Hunters</a></p>

Bitcoin Set to Break $70K! Stablecoin Surge and Chinese Stimulus Fuel Rally

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