The price of Bitcoin could reach $47,000 by the end of November, according to Rachel Lin, co-founder of SynFutures, a decentralized multi-chain exchange.
“Last week cemented October’s reputation as ‘Uptober,’ with… Bitcoin It increased in value by nearly 29%,” Lin said in a statement. “What’s even more interesting is when we look at historical data. November is likely to be better than October, with bitcoin averaging more than 35% returns, and if November returns are similar this time around. We may see BTC reach around $47,000.”
In addition to the price increase, the crypto market has also seen an increase in the number of users and transactions, according to Lin, which is an additional positive sign for the ecosystem.
The ‘bull party’ continues
What is especially noteworthy is that Rapid increase in spot volume This has seen a noticeable increase in large transactions exceeding $100,000, according to the SynFutures co-founders.
“This is a clear indicator of growing institutional interest. This is because major players seem to be turning their attention to digital assets, especially Bitcoin,” Lin said. “If we look at the capital inflows into the asset last week, We will see a huge increase. with nearly $325 million flowing into the sector and nearly $300 million flowing into Bitcoin.”
Last month, SynFutures raised $22 million in Series B funding led by Pantera Capital, adding that the company is open to the idea of launching the token in the future.
refer : theblock.co
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