You can use any PHP hash supported by PHP's password_hash. The first few bytes of the hash specify the algorithm and the number of rounds, and Flarum will automatically use those parameters even if it's different from Flarum's own defaults.
Any bcrypt library in another programming language should be compatible.
SKevo You can't change it directly from the API and all that you can do is send a password reset E-mail for yourself
When making the request as an admin, you can actually set the password directly. It's a very similar payload as my previous example, just PATCH /api/users/<id> with a JSON payload of data.attributes.password. When changing the password via the REST API like this you don't need to hash it, Flarum will to it from the plaintext password.