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A Russian cryptocurrency expert has predicted that Bitcoin could reach between $70,000 and $75,000 by the end of October, following a notable price surge recently.
Bitcoin’s Recent Ascent
This past week, Bitcoin (BTC) began its climb towards the $67,000 mark, reigniting hopes among traders for a bullish breakout. According to a report by the Russian newspaper Izvestia, expert Alexey Mokrov, who is the founder of Cryptobotpro, shared insights on October 16 stating that current market trends are beginning to “bring cheer” to investors. He emphasized that Bitcoin is demonstrating signs of “strength.”
Market Optimism for October
Although Mokrov acknowledged that the initial month of fall posed challenges for Bitcoin miners, he noted that October appears to be turning things around, suggesting that it is “decided to compensate for the losses and cheer up market participants somewhat.” His optimistic outlook indicates that if major players engage in the market, we could see Bitcoin prices soar to the range of $70,000 to $75,000 by the month’s conclusion.
Potential Risks and Predictions
Mokrov did temper his predictions with a note of caution, acknowledging that the unpredictable nature of the crypto market means various factors could trigger price corrections. He stated, “Of course, there is always a chance that someone will start playing around with mining. And then we could see a correction to $60,000.” This highlights the general unpredictability inherent in the cryptocurrency landscape.
Ethereum and Solana Projections
In addition to Bitcoin, Mokrov also shared his forecasts for Ethereum (ETH), suggesting that if market conditions remain favorable, ETH could reach $3,100. He pointed out that this potential growth is heavily dependent on the demand for decentralized finance (DeFi) and non-fungible tokens (NFTs), which are primarily built on the Ethereum blockchain. However, he warned that a decline in demand could quickly bring ETH’s price down to $2,400.
Regarding Solana (SOL), Mokrov noted that if the network remains stable, prices could potentially rise to $180. Conversely, if unexpected challenges arise, SOL could face a decline to around $140. He emphasized the difficulty in making accurate price predictions in the current cryptocurrency market, particularly given the geopolitical climate and economic conditions affecting the US and Europe.
Market Influences: Political and Economic Factors
Other cryptocurrency experts have echoed these sentiments, noting that both political and financial events in the US and internationally are influencing Bitcoin prices. Dary McGovern, COO of Xapo Bank, mentioned that Bitcoin is currently experiencing increased adoption, with its market cap sitting at $1.3 trillion. He emphasized that the capped supply of Bitcoin at 21 million, paired with rising global demand and pressure on the Federal Reserve, suggests significant upside potential for Bitcoin, potentially surpassing gold’s market cap.
Long-Term Growth Expectations
Earlier this year, Arseny Poyarkov, a member of the State Duma’s expert council on digital economy and blockchain technologies, highlighted that inflationary pressures would continue to impact Bitcoin prices, contributing to long-term growth. He pointed out how Bitcoin’s prices had dipped earlier in the year after significant sell-offs by the US and Germany of confiscated Bitcoin assets. Despite past fluctuations, experts remain optimistic about Bitcoin’s resilience and future growth.
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