Bitcoin may rise to $ 47,000 by the end of November

Rachel Lin, co-founder of SynFutures, a decentralized exchange supporting multiple blockchains, believes that bitcoin is ready to continue growing and may reach $ 47,000 by the end of the month.

Rachel Lin noted that October ended not only with the growth of bitcoin, but also with an increase in the number of users, as well as an increase in the number and volume of transactions, which is a positive signal for the industry.

«The last week confirmed the reputation of October, as bitcoin grew by 29% over the month. More interestingly, if we look at historical data, November is often even more positive for bitcoin than October. On average, the first cryptocurrency grows by 35% in November. If the trend continues in 2023, BTC will be worth $ 47,000 by the end of the month,» said the SynFutures co-founder.

Lin also noted a significant increase in the number of large transactions exceeding $ 100,000.

«This is a clear indicator of the growing interest of institutional players. They seem to be consolidating their positions in digital assets, especially in bitcoin. This is also confirmed by the inflow of funds into cryptocurrency funds and trusts in the amount of $ 325 million over the week, of which almost $ 300 million was attracted by bitcoin,» Lin reminded.