A report by QCP Capital has predicted that BTC’s price can soar even higher if it can leverage the $1 trillion liquidity injected by global central banks. The report titled “The Crypto Circular” noted that central banks led by the Bank of Japan (BoJ) and the People’s Bank of China (PBoC) have injected $1 trillion worth of liquidity in the last three months.

“What this means is that apart from US data and Fed guidance now, which ultimately still holds the highest beta or market moves, we also have to be conscious of BOJ and PBoC liquidity injections,” read the report. “Any reversal of liquidity from these 2 sources would remove the underlying support that BTC has seen this past month.”