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The phrase "could indeed be" is correct and can be used in written English.
It is commonly used to emphasize the possibility of something being true or accurate. Example: "The new evidence could indeed be the key to solving the mystery."
Exact(59)
The benefits could indeed be huge.
It could indeed be a minor and logical policy shift.
He could indeed be attracted to married women.
Jones, could indeed be back for the 2001 season.
Thus, the dollar could indeed be considered unreturnable.
This could indeed be that match made in heaven.
I think this could indeed be the next "'big idea".
The prize ox could indeed be regarded as their sculpture.
That added expense could indeed be a drain on the budget of the public system.
Ms. Reaser said that manufacturing companies could indeed be seeing an improvement in production orders.
Factory could indeed be extraordinary but there are reasons to be sceptical.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com