Rachel Lin, the creator of the decentralized exchange SynFutures, claims that by the end of November, the price of Bitcoin could reach $47,000. She points to the past week, which solidified October’s reputation, calling it “Uptober,” as the price of Bitcoin rose by almost 29%. Interestingly, statistics show that November typically outperforms October in terms of Bitcoin’s average returns by more than 25%. Therefore, Bitcoin may reach $47,000.
According to Lin, the cryptocurrency market is witnessing an increase in the number of users and transactions, which is another positive signal for the ecosystem. The co-founder of SynFutures also notes a sharp increase in trading volumes on spot markets, with a noticeable surge in large transactions exceeding $100,000.
“This is a clear indicator of increased institutional interest, as major players seem to be consolidating their positions in digital assets, particularly in Bitcoin. If we look at asset inflows last week, we see tremendous growth, with almost $325 million coming into the sector, with nearly $300 million going into Bitcoin.”
Options data also reflect a bullish market sentiment, as of November 3, the two best options with the highest open interest are the December call option with a strike price of $40,000 and the December call option with a strike price of $45,000. The $50,000 call option has an open interest of over 5,000 BTC, indicating that a significant number of people believe that the price of Bitcoin will be significantly higher in two months from today. While short-term momentum indicators, reaching overbought levels, are a negative signal, the long-term prospects look promising.