Bitcoin Will Soar to $47,000 By End of November: Expert
According to Rachel Lin, the co-founder and CEO of decentralized derivatives exchange SynFutures, the first cryptocurrency could potentially reach a value of $47,000 by the end of November 2023.
She believes that this trend, along with historical data that shows November typically outperforming October with an average return of over 35%, could result in a significant increase in Bitcoin’s value.
Lin also mentioned other positive factors, such as the growth in the number of users and transactions in the cryptocurrency market. In particular, she highlighted the surge in spot trading volume and a noticeable increase in transfers over $100,000.
This, according to Lin, indicates a rise in institutional interest in digital assets, especially Bitcoin.
Furthermore, the SynFutures CEO pointed out that options data reflects a bullish sentiment in the market, with many investors betting on Bitcoin’s price being significantly higher in the coming months.
According to her, during the past month, Bitcoin’s value has already increased by 27.4%. At the time of writing, Bitcoin is currently trading at $35,100 according to CoinGecko.
