The first cryptocurrency could reach $47,000 by the end of November 2023. This opinion was expressed by the co-founder and CEO of the decentralized derivatives exchange SynFutures Rachel Lin in a commentary The Block.
“The past week has cemented October’s reputation for Uptober, with Bitcoin up nearly 29%. What’s even more interesting is that November historically outperforms October with average Bitcoin returns of over 35%. If this November brings similar profits, the asset will reach approximately $47,000,” she said.
She noted the growth in the number of users and transactions as an additional positive factor. Particularly notable was the surge in spot trading volume, with a noticeable increase in transfers over $100,000, Lin said.
“This is a clear indicator of increased institutional interest, with major players consolidating positions in digital assets, especially Bitcoin. If we look at the inflows last week, we see massive growth: about $325 million came into the sector, of which almost $300 million was in Bitcoin,” she said.
SynFutures CEO added that options data also reflects bullish market sentiment. According to her, many people are willing to bet that Bitcoin will be significantly more expensive in two months.
Over the past month, quotes of the first cryptocurrency soared by 27.4%, according to CoinGecko. At the time of writing, the asset is trading at $35,100.
BTC/USDT hourly chart of the Binance exchange. Data: TradingView.
Earlier, the founder of MicroStrategy, Michael Saylor, listed factors that in the medium term will lead to a tenfold rise in digital gold.
Let us recall that Bernstein analysts predicted an increase in the price of the first cryptocurrency to $150,000 by January 2025 as a result of the approval of spot Bitcoin ETFs in the United States.
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2023-11-05 11:40:03
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