Bitcoin's (CRYPTO: BTC) next stop is $70.000 to $75,000, according to an industry insider and data analyst.

What Happened: Yuri Mazur — head of data analysis at CEX.IO — recently told a crypto publicaiton Forkog that Bitcoin breaching $50,000 once again is a sign that we should expect it to soon reach new highs.

According to him, if Bitcoin were to reach that price by the end of August, then bulls are likely to bring its price to new all-time highs of $70.000 to $75.000.

Alongside it, he cited the Cardano (CRYPTO: ADA) blockchain being about to launch smart contract support as well as Bitcoin's introduction of the Taproot update.

According to CEX's head data analyst, network upgrades are a sign of continued development and the ability of the protocols to evolve, “which inspires both the crypto community and large market participants.”

Read also: What is Cardano?

Mazur also noted that the Bitcoin investment of Elon Musk's space venture SpaceX is also a positive sign since it is a testament to his commitment to cryptocurrencies.

Still, he admits that the impact of this last piece of news will be limited given the crypt community's skepticism towards Musk following his Tesla (NASDAQ:TSLA) dropping Bitcoin support.