Bitcoin (BTC) is witnessing renewed optimism from the crypto community after breaking past $67,000 this week.
Russian crypto expert Alexey Mokrov, the founder of Cryptobotpro, has backed the cryptocurrency to touch between $70,000 and $75,000 before the end of October.
Mokrov highlighted the changing market dynamics, suggesting that October could be pivotal for Bitcoin’s next price surge.
Mokrov, quoted by Russian daily Izvestia on October 16, noted that recent market trends have provided a boost to Bitcoin traders.
According to him, BTC’s performance is showing signs of a stronger market trend, in contrast to the challenging conditions seen earlier this autumn.
Can Bitcoin surpass $70k by the end of October?
Mokrov acknowledged that September had been challenging for Bitcoin miners and traders alike.
He remarked that the earlier downturn seemed to have impacted miners’ returns, but added that October could bring more positive momentum.
According to Mokrov, this month has “compensated for losses” seen earlier, with increased optimism in the market.
He anticipates further upward movement for Bitcoin, suggesting that BTC could reach between $70,000 and $75,000 by the end of the month.
Mokrov noted that the market’s predictability remains uncertain.
He cautioned that a potential correction could lower prices to around $60,000 if significant shifts in mining activities or market behaviour occur.
Will Ethereum and Solana follow Bitcoin’s rally?
Mokrov’s forecasts extended beyond Bitcoin, as he also shared insights on Ethereum (ETH) and Solana (SOL).
He suggested that Ethereum could rise to $3,100 if demand for decentralised finance (DeFi) applications and non-fungible tokens (NFTs) remains robust.
He warned that a slowdown in demand could prompt a pullback to approximately $2,400.
Solana’s prospects also came under analysis, with Mokrov asserting that SOL prices could climb to $180, provided the network maintains stability.
He stressed that unexpected challenges could push SOL prices down to $140, reflecting the high volatility that characterises the crypto space.
Global events and US economic conditions impact Bitcoin’s price movements
Other experts in the crypto field have echoed Mokrov’s sentiments, linking Bitcoin’s trajectory to global political and economic developments.
The cryptocurrency market has been sensitive to shifts in the US economy, with analysts noting that monetary policy decisions and geopolitical events could shape BTC’s performance in the coming weeks.
Dary McGovern, Chief Operating Officer at Xapo Bank, highlighted Bitcoin’s growing adoption and its market capitalisation of $1.3 trillion.
He pointed out that Bitcoin’s limited supply, capped at 21 million coins, combined with growing demand, could bolster its long-term price potential.
McGovern also alluded to the pressure on the Federal Reserve to manage US debt, suggesting that such conditions could create opportunities for Bitcoin to outperform traditional assets like gold.
Inflation and market pressures shape Bitcoin’s future
Arseny Poyarkov, another Russian crypto specialist and member of the State Duma’s expert council on digital economy, provided a longer-term outlook on BTC’s price movements.
He predicted continued inflationary pressures, which could underpin the next growth phase for Bitcoin.
Poyarkov’s analysis, shared in July with RIA Novosti, pointed to the impact of previous sell-offs by the US and Germany, where confiscated Bitcoin was released into the market, temporarily dampening prices.
Poyarkov noted that these sell-offs had caused prices to “sag” during mid-2024. He suggested that as inflationary pressures remain persistent, the conditions for a more sustained BTC rally could emerge.
Crypto market remains unpredictable
Both Mokrov and other industry figures recognise that despite bullish forecasts, the inherent unpredictability of the crypto market remains a key consideration.
Mokrov noted that unforeseen developments could lead to sudden market corrections.
His analysis underscores the challenges faced by investors, as global events and shifts in regulatory landscapes continue to influence price dynamics.
While optimistic predictions suggest a path towards $70,000 and beyond, market participants remain mindful of the risks associated with the volatile nature of digital assets.
Bitcoin’s journey in October will be watched closely by traders and analysts, as they look for signs of whether the current upward trend will sustain or yield to renewed market pressures.
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