🌗 Opinion: Bitcoin will soar to $47,000 by the end of November
The first cryptocurrency could reach $47,000 by the end of November 2023. This opinion was expressed by Rachel Lin, co-founder and CEO of the decentralized derivatives exchange SynFutures, in a commentary to The Block.
She noted the growth in the number of users and transactions as an additional positive factor. Particularly notable was the surge in spot trading volume, with a noticeable increase in transfers over $100,000, Lin said.
“This is a clear indicator of increased institutional interest, with major players consolidating positions in digital assets, especially Bitcoin. If we look at the inflows last week, we see massive growth: about $325 million came into the sector, of which almost $300 million was in Bitcoin,” she said.
SynFutures CEO added that options data also reflects bullish market sentiment. According to her, many people are willing to bet that Bitcoin will be significantly more expensive in two months.
