Russian Expert Predicts Bitcoin to Hit $70k-$75k by October

A prominent Russian cryptocurrency expert has predicted that Bitcoin's price could reach between $70,000 and $75,000 by the end of October, following a recent surge in its value.

Recent Price Movements

Bitcoin (BTC) has been on an upward trajectory, nearing the $67,000 mark this week. There is optimism in the market, with some traders anticipating a bullish breakout.

Alexey Mokrov, founder of Cryptobotpro, expressed in an interview with the Russian newspaper Izvestia that the market is beginning to show positive signs, stating that BTC is demonstrating "strength."

Will Bitcoin Reach $70k Before October Ends?

Mokrov acknowledged that the early part of October had been challenging for Bitcoin miners. However, he noted that the latter part of the month appears to be more promising, suggesting that the market is regaining its vigor.

He stated:

"The market has strengthened."

Mokrov believes that if "major players" engage in the market, Bitcoin could indeed reach the $70,000 to $75,000 range by the end of October. He cautioned, however, about the unpredictable nature of the cryptocurrency market:

"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."

Ethereum and Solana Predictions

In addition to Bitcoin, Mokrov provided insights into the potential price movements of Ethereum (ETH). He suggested that favorable market conditions could push ETH's price to $3,100, largely driven by demand for decentralized finance (DeFi) and non-fungible tokens (NFTs) on the Ethereum blockchain. Conversely, he warned that a decline in demand could lead to a price drop to $2,400.

Mokrov also discussed Solana (SOL), indicating that if the network remains stable, SOL prices could rise to $180. However, he noted that unforeseen circumstances could cause the price to fall to $140.

"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."

Expert Consensus on Market Influences

Other cryptocurrency experts have echoed Mokrov's sentiments, emphasizing that political and economic events in the U.S. and globally are influencing Bitcoin's price movements.

Dary McGovern, COO of Xapo Bank, remarked on the increasing adoption of Bitcoin, noting its market cap has reached $1.3 trillion. He mentioned:

"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."

In July, another Russian expert, Arseny Poyarkov, predicted that "inflationary pressure" would continue to affect Bitcoin prices, asserting that long-term growth was inevitable despite recent price fluctuations.