Russian Crypto Expert Predicts Bitcoin to Reach $70k-75k by End of October

Bitcoin Bitcoin Price Prediction

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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October 17, 2024

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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 “bring cheer” to traders. He said that BTC was now showing signs of “strength.”

Bitcoin to Reach $70k Before October Is Out?

Mokrov conceded that “the first month of the fall” had been “tough for Bitcoin miners.”

But, he said, October “seems to have decided to compensate for the losses and cheer up market participants somewhat,” adding:

“The market has strengthened.”

The expert claimed that BTC would continue its upward trend “in October.” And, he said, if “major players” make their presence felt on the market, “then by the end of October we will be able to see Bitcoin at $70–75,000.”

“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. But to be honest, predictability is a rarity in the world of crypto.”

Alexey Mokrov, founder of Cryptobotpro

ETH and SOL Also on the March?

The expert also made forecasts for the Ethereum (ETH) market, stating that favorable conditions could see the token’s price hit $3,100.

Mokrov explained that this would largely depend on “the demand for DeFi and NFTs,” which predominantly operate on the Ethereum blockchain protocol.

Should demand cool, however, the expert claimed that a rollback to $2,400 would “only be a matter of time.”

As well as predicting Bitcoin to reach $70k-75k, Mokrov also went on to speak about Solana (SOL), saying that “if the network is stable,” SOL prices “could rise to $180.”

However, “if unforeseen circumstances occur,” the price could “easily” fall to $140, Mokrov stated.

“It is difficult to predict prices in the cryptocurrency market. And this is not only due to the geopolitical situation in the world and the upcoming elections in the United States. The market is under pressure from the general state of the economy in the USA and Europe, which does not allow crypto to grow.”

Alexey Mokrov

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 “increased adoption of Bitcoin” with “its market cap currently at $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 to manage debt, I expect the market cap of Bitcoin to eventually surpass that of gold. That will create significant upside potential from current prices.”

Dary McGovern, Chief Operating Officer, Xapo Bank

Back in July, another Russian crypto expert – Arseny Poyarkov, a member of the State Duma’s expert council on digital economy and blockchain technologies – told RIA Novosti (via RIAMO), that “inflationary pressure” on Bitcoin prices would continue.

Poyarkov said that long-term BTC price growth was inevitable. He said that prices “sagged” in the mid-part of the year after the US and Germany sold stores of “confiscated Bitcoin.”