Here’s What To Expect From The Bitcoin Price In November After Breaking Above $70,000

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends, but none quite as captivating as the rise of Bitcoin. The current rally above $70,000 is reminiscent of the early days of the dot-com boom, where the promise of a digital future ignited the imagination of many.

For the initial time in four months, the Bitcoin price has surpassed $70,000. The anticipated ‘Uptober’ surge has finally taken place as October concludes, hinting at potential substantial price increases for Bitcoin as we move into November, a traditionally favorable month for the crypto market.

What To Expect From The Bitcoin Price Next

Bitcoin expert Ali Martinez has hinted at potential price movements in the coming weeks, as Bitcoin surpasses $70,000 once more. In a recent post on X, he highlighted Bitcoin’s past monthly returns, suggesting that a bullish trend, known as “Moon-vember,” could be approaching for November, a historically favorable month for the leading cryptocurrency.

The analyst shared Coinglass data, which showed that the Bitcoin price enjoyed considerable gains in November. The flagship crypto has recorded a positive monthly return in November seven times since 2013. Therefore, it is highly likely that BTC will again enjoy a positive return next month. 

Given the Bitcoin price has surpassed the $70,000 barrier once more – a level it’s found difficult to exceed for some time – it seems plausible that it might challenge its current peak of $73,000 and potentially set a new record high. According to Martinez, Bitcoin could even climb as high as $78,000 during the next bullish phase.

There’s still a chance that the price of Bitcoin might touch or even surpass its all-time high (ATH) by the end of October, or at least prior to the November 5th US presidential elections. Currently, it’s only about 3% away from reaching its current ATH, and predictions from experts like Standard Chartered suggest that it could achieve a new ATH before the US elections.

Factors Driving The BTC Rally

For multiple factors, the cost of Bitcoin has surpassed $70,000 again. According to a blog post from market research platform Cryptoquant, the surge is primarily due to intense demand for purchases on the Binance exchange. Additionally, it’s speculated that the increased buying pressure and the rise in Bitcoin’s price are also being fueled by Spot Bitcoin ETFs.

These investment funds have experienced three straight weeks with positive net deposits and are predicted to continue this trend in the current week. According to SoSoValue’s data, these funds took in a total of $479.35 million on October 29, surpassing the $402 million they brought in at the end of the previous week.

The strong interest in Spot Bitcoin ETFs is noteworthy, given their impact on pushing Bitcoin’s price to its all-time high of $73,000 in March earlier this year. Additionally, the upcoming US election has contributed to Bitcoin’s price surge above $70,000, as candidate Donald Trump, who supports cryptocurrency, is currently in the lead in the polls.

One reason for potential increases in Bitcoin’s price in November is the upcoming US election. Historically, the period following an election has shown a bullish trend for Bitcoin, with the cryptocurrency reaching new all-time highs after both the 2016 and 2020 elections.

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2024-10-29 19:41