A Russian crypto expert has backed Bitcoin to reach $70k to $75k by the end of this month, following a recent price surge.
Bitcoin (BTC) began its ascent toward the $67,000 mark this week, with some hopeful of a bullish breakout.
The Russian newspaper Izvestia quoted Alexey Mokrov, the founder of Cryptobotpro, as stating on October 16 that the market is starting to âbring cheerâ to traders. He said that BTC was now showing signs of âstrength.â
Bitcoin to Reach $70k Before October Is Out?
Mokrov conceded that âthe first month of the fallâ had been âtough for Bitcoin miners.â
But, he said, October âseems to have decided to compensate for the losses and cheer up market participants somewhat,â adding:
The expert claimed that BTC would continue its upward trend âin October.â And, he said, if âmajor playersâ make their presence felt on the market, âthen by the end of October we will be able to see Bitcoin at $70â75,000.â
ETH and SOL Also on the March?
The expert also made forecasts for the Ethereum (ETH) market, stating that favorable conditions could see the tokenâs price hit $3,100.
Mokrov explained that this would largely depend on âthe demand for DeFi and NFTs,â which predominantly operate on the Ethereum blockchain protocol.
Should demand cool, however, the expert claimed that a rollback to $2,400 would âonly be a matter of time.â
As well as predicting Bitcoin to reach $70k-75k, Mokrov also went on to speak about Solana (SOL), saying that âif the network is stable,â SOL prices âcould rise to $180.â
However, âif unforeseen circumstances occur,â the price could âeasilyâ fall to $140, Mokrov stated.
Other crypto experts concurred that political and financial events in the US and beyond are driving BTC prices.
Dary McGovern, the Chief Operating Officer of Xapo Bank, claimed that the world was currently witnessing âincreased adoption of Bitcoinâ with âits market cap currently at $1.3 trillion.â
Back in July, another Russian crypto expert â Arseny Poyarkov, a member of the State Dumaâs expert council on digital economy and blockchain technologies â told RIA Novosti (via RIAMO), that âinflationary pressureâ on Bitcoin prices would continue.
Poyarkov said that long-term BTC price growth was inevitable. He said that prices âsaggedâ in the mid-part of the year after the US and Germany sold stores of âconfiscated Bitcoin.â