Bitcoin (BTC) prices could be back to above $60,000 by the end of the week, a Russian economist has claimed.
The token’s price saw dramatic falls earlier this week, taking it to its lowest price levels in six months.
Bitcoin ‘Back to $60k Soon’
BTC briefly dipped below the $50k mark on Monday. It has since seen growth, recovering to around the $55,000 mark around midday (UTC) on August 6.
Bitcoin and ether plunged to multi-month lows as worries over a possible US recession in the wake of soft data gripped financial markets and triggered a rush out of risky assets https://t.co/I3o0rnucu0
— Reuters (@Reuters) August 5, 2024
And Russian experts are forecasting a return to more robust prices before the week is over.
RBC quoted Anton Toroptsev, the CIS region Marketing Director of the crypto exchange platform Bitget, as stating BTC’s next “rebound” could prove as “rapid” as its recent fall.
Toroptsev said that “by the middle of this week,” BTC prices “may return to $58,000.” He added that “by the end of the week,” Bitcoin would be back to $60k, or already trading “above” this key threshold.
Additionally, Toroptsev explained that the dip was due to investors “panicking and selling off high-tech assets.” These assets, he said, “include cryptocurrencies.”
He said that the panic had been triggered by news of unemployment rate rises in the US. “Continued high key interest rates” were also a problem, he said.
Toroptsev added that “tensions between Israel and Iran,” could “escalate into a conflict throughout the Middle East.” This frightens many BTC holders, he said.
Markets to Be ‘Flooded with Liquidity’ – Expert
Other Russian crypto experts concurred. They claimed that BTC and major altcoin markets were set for an imminent boost. Crypto market analyst Viktor Pershikov told RBC:
“[Recent price dips] do not mean cryptocurrency markets will not recover this year. In the coming weeks, we will see the central banks of the G7 countries acting to prevent an international crisis.”
Pershikov explained that the G7 would respond with “emergency support measures,” and added:
“These measures will flood the financial markets with liquidity. That, in turn, will also support [Bitcoin].”
Nikita Vassev, the founder of TerraCrypto, told the media outlet that the US economy was the catalyst for the price drop, opining:
“Investors are uncertain about the actions of the US Federal Reserve and its approach to interest rates.”
With stock markets plunging around the world, traders are talking up the prospect of an emergency interest-rate cut from the Federal Reserve.
Marcus Ashworth thinks that would be counterproductive https://t.co/f1gisLIPzE pic.twitter.com/qG0FXXqBRb
— Bloomberg TV (@BloombergTV) August 5, 2024
Vasseev added that the “situation” in the crypto markets “was aggravated by the publication of weak employment data in the United States.”
And Vasseev concluded that rising tensions in the Middle East “do not add confidence to investors in the future and do not inspire them to buy high-risk assets.”
