A financial analyst has not ruled out the possibility of Bitcoin reaching $80,000 in November

If the price of Bitcoin (BTC) remains above the $70,000 mark, it is anticipated that it could continue to rise to $80,000 by mid-month, with the possibility of reaching $100,000 within the next year, according to financial analyst Vladislav Antonov from BitRiver. He shared these insights with Izvestia on November 6.

Earlier on that day, Bitcoin's price reached $75,000, setting another historical high.

“The surge in Bitcoin's price to a record high above $75,000 is linked to preliminary results from the U.S. presidential elections, where [Republican candidate] Donald Trump emerged victorious,” the expert explained.

However, he believes that the impact of Trump’s win is somewhat overstated. The primary factors driving the price increase are the halving that occurred in April (which reduced miners' rewards by half), the Federal Reserve's easing monetary policy, and a rise in institutional market participation, rather than the political situation, as the analyst elaborated.

“We expect heightened volatility until the end of the week, given that the U.S. Federal Reserve will hold a meeting on interest rates on November 7. There is a strong likelihood of a 25 basis points rate cut to 4.75%. Since the market has already priced in this rate decrease, the statements made by [Federal Reserve Chair Jerome] Powell will be crucial. If Bitcoin's price stays above $70,000 today, we could see a rise to $80,000 by mid-November. Over a 12-month horizon, the cryptocurrency may hit $100,000,” Antonov concluded.

In September, Sergey Bezdolov, director of the mining industry association, reported at the 'Industrial Mining' session of the Eastern Economic Forum that 54,000 Bitcoins were mined in Russia in 2023. These could potentially generate tax revenues of up to 50 billion rubles for the treasury over the coming years.