A Russian crypto expert has suggested that Bitcoin (BTC) might reach $70,000 to $75,000 by the end of this month, following a recent price increase.
Bitcoin began climbing towards the $67,000 mark earlier this week, sparking optimism among some traders for a potential bullish trend. Alexey Mokrov, the founder of Cryptobotpro, was quoted in the Russian newspaper Izvestia on October 16, stating that the market was starting to show positive signs. Mokrov mentioned that BTC was exhibiting “strength,” which could be encouraging for market participants.
Market Outlook: Bitcoin’s Path to $70k
Mokrov acknowledged that the early fall had been challenging for Bitcoin miners, but he noted that October appeared to be showing signs of recovery. He added, “The market has strengthened,” and expressed that if major investors engage with the market, BTC could reach the $70,000 to $75,000 range by the end of the month. However, he also mentioned that market unpredictability remains a key factor.
“There is always a chance of a correction to $60,000,” he stated, underscoring the volatile nature of the cryptocurrency market.
Projections for Ethereum and Solana
Mokrov also shared insights on Ethereum (ETH) and Solana (SOL). For Ethereum, he suggested that favorable conditions could see the token’s price rise to $3,100, largely driven by demand for decentralized finance (DeFi) and NFTs, which operate on the Ethereum blockchain. Conversely, if demand decreases, he indicated a potential rollback to $2,400.
Regarding Solana, Mokrov mentioned that stable network performance could push SOL prices to $180. However, unforeseen issues could lead to a decline to $140. He emphasized that various factors, including geopolitical events and the state of the global economy, influence the cryptocurrency market, making precise predictions challenging.
Broader Market Dynamics: Insights from Other Experts
Other experts also weighed in on Bitcoin’s price movement. Dary McGovern, the Chief Operating Officer of Xapo Bank, pointed to growing global adoption of Bitcoin, with the current market cap at $1.3 trillion. McGovern noted, “With Bitcoin’s supply capped at 21 million and increasing global demand, there is potential for significant market growth.” He also suggested that Bitcoin’s market cap could eventually surpass that of gold, which could provide “significant upside potential.”
In previous remarks, Arseny Poyarkov, a member of the State Duma’s expert council on digital economy and blockchain technologies, commented on long-term trends. He explained that “inflationary pressure” might contribute to gradual price increases for Bitcoin, noting that the mid-year period saw declines partly due to the sale of confiscated Bitcoin by authorities in the US and Germany.
