Marcus Thielen believes that the growth of stablecoin emissions may be a key factor for the continued growth of BTC

The fall in the value of the main cryptocurrency below $58,000 became a prerequisite for the appearance of a “death cross”, which is a factor in the emergence of a new wave of sales.

A trader under the pseudonym Mags noted that this is the second bearish “cross” since BTC reached the bottom at $15,500. The last time such an impulse was recorded was in September last year.

“After that, the quotes moved sideways for several weeks, and then returned to the MA, which led to a bullish [or gold] “cross” and a strong rally upward. If the pattern repeats, we can see a long intermittent “trading” here,” the expert noted.

Now, to overcome the bear market, BTC needs to reclaim the 200 DMA at $62,432. Then, according to Tony Sycamore of IG, there will be an opportunity for the main digital coin to grow in the $70,000 region.

10x Research founder Marcus Thielen believes that an increase in stablecoin issuance could be a key factor in BTC’s continued growth.

Tether and Circle have issued nearly $2.8 billion worth of crypto assets recently. According to Thielen, this indicates that “some institutional investors are pouring fresh capital into the crypto market.”

“If this trend of issuance (and not just minting) continues, Bitcoin could show further growth,” the analyst noted.

According to him, positive information about inflation in the US will not be enough for Bitcoin to overcome the resistance line of $60,000–61,000. For stable growth, “real money purchases through stablecoins” will probably be needed.