A coin with the Bitcoin logo and a purple chart behind it.
A Russian crypto expert has predicted that Bitcoin (BTC) will rise to a range of $70,000 to $75,000 by the end of this month following its recent surge. BTC had started its upward march towards the $67,000 level this week, with some optimistic about an upward breakout.
The Russian newspaper Izvestia quoted Cryptobotpro founder Alexey Mokrov as saying on October 16 that the market is starting to give traders âsomething to be happy about,â adding that BTC is now showing signs of âstrength.â
Will Bitcoin Hit $70,000 by the End of October?
Although Mokrov noted that âthe first months of autumnâ were âdifficult for Bitcoin miners,â he believes that October âhas decided to compensate for these losses and bring joy to the market,â adding:
âThe market has become stronger.â
Mokrov expected Bitcoin to continue its upward trend during the current month, explaining that if the âmajor playersâ prove their presence in the market, âby the end of October, the price of BTC may reach a range of $70,000 to $75,000.â He added:
âOf course, there is always the possibility that someone will start mining Bitcoin, and then we may see a price correction to $60,000; but in reality, predictions rarely prove to be true in the crypto world.â
*Alexey Mokrov, founder of Cryptobotpro
Are Ethereum and Solana also on an upward trajectory?
Mokrovâs predictions also included the Ethereum (ETH) market, indicating that favorable market conditions could push the ETH price to the $3,100 level.
He added that this will largely depend on âthe demand for DeFi and NFTs,â which primarily run on the Ethereum blockchain, but if demand wanes, it may only be a âmatter of timeâ before the price returns to $2,400.
In addition to predicting that BTC will reach the aforementioned range, Mokrov spoke about Solana (SOL), saying that âif the blockchain stabilizes,â the price of SOL âmay rise to $180,â but âif unforeseen circumstances occur,â the price may âeasilyâ drop to $140. He continued, explaining:
âIt is difficult to predict the price path in the crypto market not only because of the geopolitical situation in the world and the upcoming elections in the United States, but because the market is under great pressure from the general state of the American and European economies, which hinders the pace of growth of the crypto sector.â
In the same context, other crypto experts agreed on the impact of political and financial events inside and outside the United States on BTC prices.
A chart of a financial asset's price with several colored lines, numbers, and price levels.
Bitcoin price movement over the past year. (Source: CoinGecko)
For his part, Darry McGovern, COO of Xapo Bank, believes that the world is now witnessing âincreased adoption of Bitcoinâ with âits market cap now reaching $1.3 trillion.â
âWith a maximum supply of Bitcoin limited to 21 million coins, growing global demand, and increasing pressure on the Federal Reserve to devalue the dollar in order to deal with the public debt, I expect Bitcoinâs market cap to eventually exceed that of gold, which will increase the possibility of its price rising from its current levels.â
*Dary McGovern, Chief Operating Officer, Xapo Bank
In July, another Russian crypto expert, Arseny Poyarkov, a member of the State Dumaâs advisory council for digital economy and blockchain technologies, told RIA Novosti (via RIAMO) that âinflationary pressureâ on Bitcoinâs price will continue, explaining that a long-term rise in BTCâs price is inevitable.