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Cryptocurrency News Articles
Bitcoin (BTC) Price Prediction: Expert Predicts a Surge to $70,000-$75,000 by October's End
Oct 20, 2024 at 08:01 am
Leading Russian cryptocurrency expert Alexey Mokrov has made waves in the crypto community by predicting that Bitcoin (BTC) could soar to between $70,000 and $75,000 by the end of October.
A leading Russian cryptocurrency expert has made waves in the crypto community by predicting that Bitcoin (BTC) could soar to between $70,000 and $75,000 by the end of October.
This forecast comes on the heels of a recent uptick in Bitcoin’s price, which has recently approached the $67,000 mark.
Now, traders and investors alike are eagerly awaiting to see if the flagship cryptocurrency will indeed cross the crucial $70,000 threshold.
Alexey Mokrov, founder of the crypto trading platform Cryptobotpro, shared his optimistic outlook in an interview with the Russian newspaper Izvestia on October 16.
He noted that the cryptocurrency market appears to be revitalizing, bringing a sense of hope to traders.
Mokrov described Bitcoin as exhibiting “signs of strength,” suggesting a positive trend as we approach the month’s end.
While Mokrov acknowledged that the early part of October has been “tough for Bitcoin miners,” he emphasized that the month seems to be turning the tide for the market.
He remarked, “October seems to have decided to compensate for the losses and cheer up market participants somewhat,” indicating a shift in sentiment that could lead to continued price increases.
Mokrov believes that if significant market players become more active, Bitcoin may very well hit the predicted range of $70,000 to $75,000.
However, he cautioned that the volatile nature of cryptocurrency means a correction to around $60,000 could occur if major market forces, such as mining activities, come into play.
Moreover, Mokrov also shared his predictions for other leading cryptocurrencies, such as Ethereum (ETH) and Solana (SOL).
According to his analysis, ETH could rise to $3,100 under favorable market conditions, largely driven by the demand for decentralized finance (DeFi) projects and non-fungible tokens (NFTs), which primarily operate on the Ethereum blockchain.
However, he added that if demand for these applications decreases, Ethereum may quickly retrace to about $2,400.
Shifting his focus to Solana, Mokrov suggested that SOL prices might climb to $180 if the network remains stable.
But he also noted that unforeseen circumstances could easily lead to a decline in Solana’s value, possibly dropping as low as $140.
“It is difficult to predict prices in the cryptocurrency market. This uncertainty is not only due to the geopolitical situation and the upcoming elections in the United States but also the broader economic conditions in the U.S. and Europe, which exert pressure on cryptocurrency growth,” Mokrov explained.
Throughout October, several cryptocurrency experts have highlighted the influence of external factors on Bitcoin’s price trajectory.
Dary McGovern, Chief Operating Officer of Xapo Bank, noted the increasing adoption of Bitcoin, with its market capitalization now reaching approximately $1.3 trillion.
“With the supply of Bitcoin capped at 21 million, combined with growing global demand and increased pressure on the Fed to debase the value of the dollar, I expect Bitcoin’s market cap to eventually surpass that of gold.
This scenario could create significant upside potential from current prices,” McGovern stated in an interview with Cointelegraph.
Back in July, another prominent Russian crypto expert, who is also part of the State Duma’s expert council on digital economy and blockchain technologies, expressed a similar outlook.
Arseny Poyarkov indicated that inflationary pressures would likely continue to influence Bitcoin prices positively.
According to Poyarkov, the dips in Bitcoin prices earlier in the year were primarily driven by external sales of confiscated Bitcoin by the U.S. and Germany.
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