BitRiver: Bitcoin ‘Could Easily Exceed $100,000’ in the Coming Days

The Russian cryptocurrency mining company BitRiver asserts that Bitcoin could “easily” surpass the $100,000 mark in the “coming days.”

This statement was made by BitRiver financial analyst Vladislav Antonov, as reported by the Russian state-run news agency TASS.

BitRiver: Bitcoin Could Easily Surpass $100k

“Bitcoin can easily achieve the $100,000 milestone in the near future. The coin [would] reach a significant psychological level. There is currently considerable interest from institutional investors, which is bolstering the upward trend.”

Vladislav Antonov, financial analyst at BitRiver

Bitcoin (BTC) prices on November 13. (Source: CoinGecko)

Russian analysts have suggested that the ongoing bull market could push prices even higher, potentially approaching “$300,000.”

However, they cautioned about potential “technical corrections” on the horizon, indicating that a downturn cannot be ruled out.

The same media outlet cited Finam Investment’s Strategy Director Yaroslav Kabakov, who noted that “multiple factors” are contributing to the rise in BTC and other cryptocurrency prices.

He mentioned that one of these factors is Donald Trump’s “promises,” which include “ambitious plans to establish the United States as a global cryptocurrency hub and a significant overhaul of the current SEC regulatory framework.”

President-elect Trump, who will assume office in January, has also discussed the creation of 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 Sole Factor’

However, Kabakov asserted that Trump’s decisive election victory on November 5 was not the only element driving BTC prices upward.

Kabakov stated that “during times of geopolitical crisis,” Bitcoin and stablecoins are “frequently regarded as potential ‘protective’ assets.”

He added that investors often seek ways to diversify and safeguard themselves against instability in traditional financial markets.

What Happens If BTC Surpasses $100k?

The significance of surpassing the $100,000 threshold is crucial, according to Russian analysts.

They indicated that this could result in “a substantial shift of capital from the stock market to Bitcoin and Ethereum (ETH).”

BitRiver executives suggested that if BTC and ETH begin to penetrate the stock market, “further movement towards $160,000” is “likely.”

Work is underway at a new BitRiver data center in Eastern Siberia. (Source: BitRiver)

The mining company stated that the “maximum target of the current growth phase” is “$300,000.”

Antonov, however, noted that “a correction in cryptocurrency prices” is “inevitable.”

“The higher the price climbs, the stronger the correction will be. The expected range is a decline of 10% to 20%. Within the context of a bull market, this is a normal fluctuation. And [such a decrease is] typically quickly [reversed] if there is no significant negative news occurring in the background. For instance, adverse news could arise in the regulatory domain.”

Antonov

Geopolitics and Regulation: Key Influences?

The Finam executive also expressed his belief that Bitcoin prices “will continue to rise above $100,000 with potential short-term fluctuations influenced by political and regulatory developments.”

“In the long run, Bitcoin is perceived as an asset with substantial growth potential. This is particularly true amid geopolitical instability in various nations. The increasing significance of digital assets is another contributing 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 mentioned that the industry anticipates a “growth in turnover and liquidity in products such as DeFi (decentralized finance) and stablecoins.”

This, he stated, “will aid in stabilizing and enhancing the popularity of cryptocurrencies among the broader public.”

Conversely, Antonov cautioned that “high volatility” and “risks” could also emerge as regulators increase their involvement.

He warned that “cryptocurrency markets” are “extremely responsive to political and economic occurrences.”

Antonov indicated that “regulatory changes, particularly in major economies like the United States and China,” can “significantly influence the market.”

₿ullvember in all her glory

— Gemini (@Gemini) November 13, 2024

Meanwhile, an executive from the cryptocurrency exchange giant Gemini informed Cryptonews.com that the markets should prepare for “booms and bursts of euphoria.”

These could “trigger volatility” that persists “well into spring,” according to Olivier Mammet, Head of US OTC Trading at Gemini.

Mammet added that Trump’s victory “provides an immediate boost for Bitcoin and the wider crypto market.”

“Many investors have been keen to allocate capital into crypto over the past few years but were reluctant to do so due to the lack of regulatory clarity from the US government. We observed lower exchange volumes for much of the summer with the election approaching. However, since the election, Gemini has experienced significant trading volumes. We expect an increase in interest for the remainder of Q4 and into the year’s end.”

Olivier Mammet, Head of US OTC Trading, Gemini

Trading volumes on the Gemini crypto exchange over the past seven days. (Source: CoinGecko)

In another instance, a Seoul-based South Korean crypto trader named Yoon-jung shared with Cryptonews.com that she found BTC’s sudden price movement “exciting.” However, she added:

“I anticipate prices to decline at some point soon. Nevertheless, I am looking forward to further price increases in the medium term, so I won’t be selling any BTC during this bull market, regardless of how high prices rise.”

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