The Russian crypto mining giant BitRiver says that Bitcoin can “easily” break the $100k threshold in the “next few days.
The comments came from the BitRiver financial analyst Vladislav Antonov, the Russian state-run news agency TASS reported.
BitRiver: Bitcoin Could Easily Break $100k
“Bitcoin can easily reach the $100,000 mark in the coming days. The coin [would] reach an important psychological level. There is currently quite strong interest from institutional investors. And that is supporting the upward trend.”
BitRiver financial analyst Vladislav Antonov
Russian experts claimed that the current bull market could drive prices yet higher to levels near “$300,000.”
However, they warned of possible “technical corrections” ahead, with the possibility of a downturn not excluded.
The same media outlet quoted Finam Investment’s Strategy Director Yaroslav Kabakov as claiming that “several factors” were helping drive BTC and other coin prices upward.
He said that one of these was Donald Trump’s “promises” including “ambitious plans to transform the United States into a global cryptocurrency hub and a significant revision of the current SEC regulatory policy.”
President-elect Trump, who takes office in January, has also spoken of building a national reserve of BTC holdings.
The DOJ has initiated a civil forfeiture complaint to seize approximately $16 million in cryptocurrency held in a Binance account. #DOJ #FTXhttps://t.co/1HaiUP6UGb
— Cryptonews.com (@cryptonews) November 13, 2024
Trump ‘Not the Only Factor’
But Kabakov claimed that Trump’s emphatic election victory on November 5 was not the only factor pushing BTC prices up.
Kabakov said that “during periods of geopolitical crisis,” Bitcoin and stablecoins are “often viewed as potential ‘protective’ assets.”
Investors often look for ways to diversify and protect themselves from instability in traditional financial markets, Kabakov added.
More to Follow Should BTC Break $100k?
The importance of breaking the $100,000 barrier is paramount, Russian experts claimed.
They said that this could lead to “a major redistribution of capital from the stock market to Bitcoin and Ethereum (ETH).”
BitRiver executives claimed that if BTC and ETH could begin making inroads into the stock market, “further movement to $160,000” was “likely.”
The mining firm said that the “maximum target of the current growth phase” was “$300,000.”
Antonov claimed, however, that “a correction in cryptocurrency prices” was “inevitable.”
“The higher the price rises, the stronger the correction will be. The probable range is a decrease of 10% to 20%. Within the framework of a bull market, this is a normal movement. And [such a decline is] usually quickly [reversed] if there is no sharp negative news going on in the background. For example, that bad news could come in the regulation sphere.”
Antonov
Geopolitics and Regulation: Key Factors?
The Finam exec also said he believed that Bitcoin prices “will continue to grow above $100,000 with possible short-term fluctuations under the influence of political and regulatory news.”
“In the long term, Bitcoin is seen as an asset with high growth potential. This is especially true in the context of geopolitical instability in many countries. The growing role of digital assets is another factor.”
Antonov
Dollar holds firm ahead of US inflation, bitcoin targets fresh highs https://t.co/8p2XNqYtz7 pic.twitter.com/Dq336ec6es
— Reuters (@Reuters) November 13, 2024
Antonov said the industry expects a “growth of turnover and liquidity in products such as DeFi (decentralized finance) and stablecoins.”
This, he said “will contribute to the stabilization and growth of popularity of cryptocurrencies among the wider public.”
On the other hand, Antonov warned, “high volatility” and “risks” could also follow as regulators make their presence felt.
He warned that “cryptocurrency markets” are “extremely sensitive to political and economic events.”
Antonov said that “changes in regulations, especially in large economies such as the United States and China,” can “have a significant impact on the market.”
₿ullvember in all her glory
— Gemini (@Gemini) November 13, 2024
Meanwhile, an executive from the crypto exchange giant Gemini told Cryptonews.com that the markets should brace for “booms and bursts of euphoria.”
These could “spark volatility” that lasts “well into spring,” said Olivier Mammet, Head of US OTC Trading at Gemini.
Mammet added that Trump’s win “provides an immediate tailwind for Bitcoin and the broader crypto market.”
“A lot of investors have been interested in allocating capital into crypto for the past few years but were hesitant to do so due to the absence of regulatory clarity from the US government. We saw lower exchange volumes for the better part of the summer with the election looming. However, since the election, Gemini has seen outsized trading volumes. And we anticipate a growth in interest for the rest of Q4 and into the end of the year.”
Olivier Mammet, Head of US OTC Trading, Gemini
Elsewhere, a Seoul-based South Korean crypto trader named Yoon-jung told Cryptonews.com that she thought BTC’s sudden price was “thrilling.” However, she added:
“I expect prices to fall at some stage soon. But I am looking forward to further price rises in the medium-term, so I won’t be selling any BTC in this bull market, no matter how high prices get.”
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