Bitcoin could reach the $47,000 mark by the end of November 2023. This view was voiced by Rachel Lin, co-founder and CEO of the decentralized derivatives exchange SynFutures, in a comment to The Block.
\”Last week cemented October’s reputation as Uptober, with Bitcoin up almost 29%. Even more interesting is that historically November outperforms October with average Bitcoin returns of more than 35%. If this November delivers similar gains, the asset would reach around $47,000,\” she said.
As an additional positive factor, she noted growth in users and transactions. According to Lin, the spike in spot trading volume is particularly notable, with a noticeable rise in transfers of more than $100,000.
\”This is a clear indicator of heightened institutional interest, with big players consolidating positions in digital assets, especially Bitcoin. If we look at inflows last week, we see a massive surge: the sector received around $325 million, of which almost $300 million was in Bitcoin,\” she said.
CEO SynFutures added that options data also reflect bullish market sentiment. In her words, many people are ready to bet that Bitcoin will be considerably higher in price in two months.
Over the past month, Bitcoin’s price has surged by 27.4%, according to CoinGecko. At the time of writing, the asset was trading at $35,100.
Earlier, MicroStrategy founder Michael Saylor listed factors that in the medium term will drive a tenfold rise in digital gold.
Analysts at Bernstein previously forecasted the price of Bitcoin to reach $150,000 by January 2025 as a result of the approval of spot Bitcoin-ETFs in the United States.