Bitcoin price is again above $70,000 for the first time in four months, and the “Uptober” rally will finally take place at the end of the month. This looks set to be the start of significant price gains for the flagship cryptocurrency as the market heads into November, which is also historically bullish.
What to expect from the price of Bitcoin Next
Cryptocurrency analyst Ali Martinez revealed what to expect from Bitcoin’s price once the cryptocurrency’s price crosses $70,000 again. In a post on X, he shared Bitcoin’s historic monthly returns with the caption: “Moon-vember is just around the corner!” The analyst referred to November, which is historically positive for the flagship cryptocurrency.
The analyst shared the information Coin datawhich showed that the price of Bitcoin recorded significant increases in November. The flagship cryptocurrency recorded a positive monthly return in November seven times since 2013. It is therefore highly likely that BTC will record a positive return again next month.
This also seems doable considering that Bitcoin’s price is back above the $70,000 resistance level, which the cryptocurrency has been trying to break above for some time. As such, BTC looks primed to retest its current all-time high (ATH) of $73,000 and possibly set a novel record. Martinez predicted that BTC could rise up to $78,000 on the next dais.
Meanwhile, there is a possibility that Bitcoin’s price could even reach ATH before the end of October or at least before the US presidential election on November 5. The flagship cryptocurrency is only about 3% off its current ATH. Experts like it Standard charter they also predicted that Bitcoin will reach a novel ATH before the US elections.
Factors driving the BTC rally
Bitcoin price has returned above $70,000 for several reasons. Market intelligence platform Cryptoquant claimed wa blog post that the augment is due to the huge buying pressure on the Binance exchange. The Spot Bitcoin ETF They are also believed to have contributed to this massive buying pressure and the rise in Bitcoin’s price.
These funds have recorded three straight weeks of net inflows and are on track to maintain that record this week. SoSoValue data shows that these funds recorded net inflows of $479.35 million on October 29, surpassing the net inflows of $402 million recorded at the end of last week.
This huge demand for Spot Bitcoin ETFs is also significant considering that they have played a huge role in Bitcoin’s price rising to its current ATH at $73,000 in early March. Meanwhile, the upcoming US elections have also played a role in BTC’s rally above $70,000, with Donald Trump, who is a supporter of cryptocurrencies, currently leading in the polls.
The US elections is also one of the main reasons why the price of Bitcoin may see significant increases in November. The election aftermath was always positive as the flagship cryptocurrency surged to a novel ATH following the 2016 and 2020 elections.
Featured image created with Dall.E, chart from Tradingview.com
