A Russian crypto analyst has claimed that the Bitcoin price will rise to between $70K and $75K before the end of the current month, October, after a ramping market. Crypto reports claim that this forecast arose over the weekend when the Bitcoin price surged to $67,111, thus reviving the chances of a massive upswing.
Alexey Mokrov, the founder of Cryptobotpro commented, stating his confidence that the current market was fine. In an interview with the Russian newspaper Izvestia on October 16, Mokrov said Bitcoin was displaying the signs of strength to go higher through the rest of October. He said “The market is slowly uplifting traders’ morale and before the end of the month, major players might drive Bitcoin to $70,000-$75,000.”
Mokrov’s forecasts are consistent with Bitcoin’s growing attention and progress that the asset has achieved recently. However, he also listed possibilities of potential draw backs such as market fluctuations such as corrections.
Bitcoin Price Prediction: A Potential Rally or Correction?
Mokrov also noted that the crypto market looks promising, but the volatility factor still dominates the market. As per him, The first month of the fall was really difficult for Bitcoin miners, but October looks like it has decided to cover up the losses. He also said that if ‘the giants’ keep on showing signs of interest, “we could easily see Bitcoin at $70k-75k.”
Still, Mokrov did not exclude the possibility of going down towards correction as a result of the unstable digital market. I can promise you that one day, someone will start manipulating and look at $60,000. However, predictability is something of an anomaly in the domain of cryptocurrency,” he said.
In this case, the Bitcoin price volatility below has been influenced by geopolitical events, macroeconomic events, and technology over the last year and a half. The expert’s forecast is quite timely given that Bitcoin has been in an upward momentum, and many traders expect it to explode before the end of next year, 2024.
Ethereum and Solana Forecasts: What’s Next?
Besides BTC, Mokrov also made predictions for two other popular cryptocurrencies, Ethereum (ETH) and Solana (SOL). He further estimated that Ethereum could easily rise to $3,100 if demand for DeFi and NFTs will go on increasing. “NAFT, which employs the Ethereum blockchain, is another primary factor that fuels the price,” he said.
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However, Mokrov was quick to temper the upside by pointing out that if demand were to slow down, the price of Ethereum could retrace. ”If there is less interest in these sectors, the price will return to $2,400, ” he said.
Solana, another fast and scalable blockchain platform, could also increase in price. Mokrov assumed that, given the stability of the Solana network, the price could reach $180. But he noted that “if other factors happen,” the price could go down to $140. Its performance in the past few months has been pegged on the stability of the Solana network, and any instability could significantly affect the value of SOL.
Market Challenges and Broader Outlook
Mokrov and others agree, however, that the global crypto market is not exempt from other headwinds across the economy. Mokrov emphasized the effects of the macroeconomic environment, especially in the USA and EU, as a constraining factor of crypto development. “The general state of the economy in the USA and Europe puts pressure on the market and does not let crypto flourish,” he added.
In a separate statement, Dary McGovern, the Chief Operating Officer of Xapo Bank, also shared a similar view concerning the growth prospects of Bitcoin, where the token’s supply is fixed and demand is increasing. Saying that the number of bitcoins is limited to 21 million while demand around the world is increasing, McGovern continued: He said this could lead to a “substantial premium to current levels.”
These insights shed light on the volatility that has not left the crypto space despite leading analysts predicting positive sentiments for Bitcoin, Ethereum, and Solana.
Conclusion: Will Bitcoin price Reach $75, 000?
As the Bitcoin price is coming close to $67,000 while the entire crypto market is growing, traders are carefully observing Mokrov’s forecast. Should major players sustain demand, it would not be farfetched that BTC could hit $70,000 to $75,000 by the close of October. But the highs and lows of the market are unavoidable and corrections and setbacks are always around the corner.
It is still unclear whether Bitcoin price and other popular cryptocurrencies will reach the targets predicted by experts such as Alexey Mokrov before the end of the month. Meanwhile, trading will persistently observe the changes in the market and evaluate special changes in demand as well as external factors that can influence the market. Keep following TheBITJournal and keep an eye on Bitcoin Price.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
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