According to Rachel Lin, co-founder of multi-chain decentralized exchange SynFutures, Bitcoin’s price could reach $47,000 by the end of November.
“Last week cemented October’s reputation as ‘Uptober,’ with bitcoin witnessing a nearly 29% increase in value,” Lin said in a statement shared with The Block. “Even more interesting is that when we look at historical data, November is even better than October, with an average return of more than 35% in bitcoin. If November were to produce similar returns, we could see BTC reach around $47,000. “
In addition to the price increase, the crypto market is also witnessing an increase in the number of users and transactions, according to Lin, a further positive sign for the ecosystem.
The ‘bull festival’ continues
Particularly notable is a spike in spot volume, with a marked increase in large trades above $100,000, the SynFutures co-founder said.
“This is a clear indicator of increased institutional interest as major players appear to be consolidating their positions in digital assets, especially bitcoin,” Lin said. “Looking at last week’s asset inflows, we can see a huge increase, with almost $325 million flowing into the sector, of which almost $300 million went into bitcoin.”
Options data also reflects the bullish market mood. “As of November 3, the top two options with the largest open interest are the December 40,000 call and the December 45,000 call. Even the December 50,000 call option has an open interest of more than 5,000 BTC,” Lin noted. “This suggests that a large number of people are willing to bet that bitcoin will be significantly higher in two months than what it is today.”
Although the momentum indicators for the index’s relative strength in the short term are reaching an overbought level, this is a negative sign, but the “long-term prospects look bright,” Lin said.
According to The Block’s price data, Bitcoin’s price has risen 2.1% over the past week and 25.9% over the past month. It is currently trading at $34,750.
Last month, SynFutures raised $22 million in a Series B funding round led by Pantera Capital, adding that it was open to the idea of launching a native token in the future.