Gemini exec says the market should brace for ‘booms and bursts of euphoria’
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.”
A graph showing Bitcoin (BTC) prices on November 14.(Source: CoinGecko)
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.
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.”
