Bitcoin Could Hit $60k by End of Week, Says Russian Expert

Bitcoin (BTC) prices might surge back above $60,000 by the end of the week, according to Russian economist Anton Toroptsev. Despite a significant dip earlier this week, BTC has shown signs of recovery.

Bitcoin ‘Back to $60k Soon’

Earlier this week, Bitcoin briefly fell below the $50,000 mark but recovered to approximately $55,000 by midday (UTC) on August 6. Experts from the CIS region, including Anton Toroptsev, Marketing Director at crypto exchange Bitget, predict a swift rebound. Toroptsev forecasts that BTC could return to $58,000 by midweek and potentially surpass $60,000 by week’s end.

Toroptsev attributed the recent dip to investor panic triggered by rising unemployment rates in the US and high key interest rates. Additionally, geopolitical tensions, such as those between Israel and Iran, have contributed to market uncertainty.

Market Recovery Predictions

Other Russian crypto analysts echo Toroptsev’s optimism. Viktor Pershikov, a crypto market analyst, believes that recent price dips do not preclude a market recovery this year. He expects central banks from G7 countries to implement emergency support measures to prevent an international crisis, which will inject liquidity into financial markets and support Bitcoin.

Nikita Vassev, founder of TerraCrypto, also pointed to the US economy as a catalyst for the price drop. He noted investor uncertainty about the US Federal Reserve’s interest rate policies and the impact of weak employment data in the US. Vassev added that rising tensions in the Middle East have further unsettled investors, reducing their confidence in high-risk assets like cryptocurrencies.

Conclusion

With these factors in mind, experts anticipate a significant rebound for Bitcoin in the coming days. If predictions hold true, BTC could see a rapid return to, and potentially beyond, the $60,000 mark by the end of this week.