Signs of a bottom in the crypto market are emerging, and an upward channel has opened

Hasei Chain News: According to the latest market research by the Xinhuo Research Institute, the cryptocurrency market has achieved a directional breakout as expected. Last week, Bitcoin's 30-day implied volatility dropped to 40%, the lowest level since October of last year. Markets typically experience significant shifts during such periods of calm. This morning, Bitcoin broke above $29,600, and Ethereum surpassed $3,300, with 24-hour gains of 4.4% and 7.4% respectively, indicating a clear market direction. Dr. Ding Yuan, Director of the Xinhuo Research Institute, believes the current rally is fundamentally sound. He expects the overall macro environment to stabilize over the next 1-2 months, driven by multiple positive factors such as A16Z's new $15 billion fund focusing on the crypto space and the lifting of South Korea's crypto investment ban. The institute maintains its previous outlook, forecasting that Bitcoin could target the $100,000 level in the short term, while Ethereum may see a 'revenge' rebound after a period of oversold conditions.