- Bitcoin (BTC) prices could go back to above $60,000 by the end of the week, a Russian expert has stated.
Earlier this week, the token’s price experienced sharp declines, reaching its lowest points in six months.
Bitcoin Will Soon Return to $60k
BTC briefly dropped below the $50k threshold on Monday. Since then, it has increased, rising to roughly $55,000 at noon (UTC) on August 6.
And before the week is out, Russian analysts predict a return to more stable prices.
Anton Toroptsev, the CIS region marketing director of Bitget, a cryptocurrency exchange, was quoted by RBC as saying that Bitcoin’s next rise might be as quick as its previous decline. According to Toroptsev, by the middle of this week, prices could be back to $58,000. By the end of the week, he predicted, Bitcoin would be back to $60k, or trading above this crucial threshold. Moreover, Toroptsev explained that the decline was caused by investors selling off high-tech assets, including cryptocurrencies, in a panic sparked by news of rising US unemployment rates. He added that persistently high key interest rates were also a factor.
Toroptsev went on to say that hostilities in the Middle East might break out as a result of the strain between Israel and Iran. Many Bitcoin owners are scared of this, he claimed.
“Flooded with Liquidity” Markets – Professional
Other Russian authorities on crypto agreed. They declared that a significant increase in the price of Bitcoin and other altcoins was imminent. Crypto market analyst Viktor Pershikov told RBC:
[Recent price falls] do not mean cryptocurrency markets will not recover this year. In the next weeks, we will see the central banks of the G7 countries intervening to prevent an international crisis.
Pershikov stated that the G7 would react by implementing emergency support measures.
Liquidity will flood the financial markets as a result of these initiatives. Thus, [Bitcoin] will also be supported by it.
Nikita Vassev, the creator of TerraCrypto, informed the media outlet that the US economy was the cause for the price decline, opining:
Investors are uncertain about the actions of the US Federal Reserve and its approach to interest rates.
Vasseev went on to say that the release of shoddy job data from the US had made matters worse for the cryptocurrency markets.
Vasseev came to the conclusion that growing Middle East tensions do not give investors more hope for the future or motivate them to purchase high-risk assets.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
