10x Research predicts that a surge in Bitcoin above $67.5K may ignite unprecedented peak levels.

Bitcoin’s price has the potential to surge to new all-time highs if it can successfully surpass the critical $67,500 level, according to a report by Markus Thielen, the head of research at 10x Research. Last week, Bitcoin experienced a significant recovery, rising above the psychological $66,000 mark. This recovery is seen as a positive indicator for Bitcoin’s price action. Inflows from US spot Bitcoin exchange-traded funds (ETFs) have remained positive for two consecutive weeks, with over $200 million in cumulative net inflows. It is worth noting, however, that this is only half of the previous week’s inflows of $413 million. Institutional inflows from ETFs have played a major role in Bitcoin’s recent rally to new all-time highs. On the monthly chart, Bitcoin has turned a crucial resistance level into support, which suggests further bullish momentum. Tether’s newly-minted USDT stablecoin has also contributed to the rise in Bitcoin’s price. Tether has announced that it will invest 15% of its net profit in Bitcoin, further supporting the cryptocurrency’s rally.