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Bitcoin price Small

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

Scott Matherson
by Scott Matherson
10 months ago
·
Posted in Altcoins, Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Bitcoin price is back above $70,000 for the first time in four months, with the ‘Uptober’ rally eventually happening as the month ends. This looks to be the start of significant price rallies for the flagship crypto as the market heads into November, which is also historically bullish.

What To Expect From The Bitcoin Price Next

Crypto analyst Ali Martinez has revealed what to expect from the Bitcoin price next, with the crypto back above $70,000. In an X post, he shared Bitcoin’s historical monthly returns with the caption, “Moon-vember is just around the corner!” The analyst was alluding to November, which is historically bullish for the flagship crypto. 

Related Reading: Ripple Vs. SEC Battle: Is The Regulator Trying To Delay A Conclusion Into 2025?
Bitcoin price
Source: X

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. 

This also looks feasible, considering that the Bitcoin price is back above the $70,000 resistance level, which the crypto has struggled to break above for a while now. As such, BTC looks primed to retest its current all-time high (ATH) of $73,000 and possibly create a new record high. Martinez predicted that BTC could rise to as high as $78,000 on its next leg up. 

Bitcoin price 2
Source: X

Meanwhile, there remains the possibility that the Bitcoin price could even reach its ATH before October ends or at least before the November 5 US presidential elections. The flagship crypto is only about 3% away from its current ATH. Experts like Standard Chartered have also predicted that Bitcoin will hit a new ATH before the US elections. 

Factors Driving The BTC Rally

The Bitcoin price is back above $70,000 for several reasons. Market intelligence platform Cryptoquant claimed in a blog post that the rally is driven by massive buying pressure on the Binance exchange. The Spot Bitcoin ETFs are also believed to have contributed to this huge buying pressure and the rally in the Bitcoin price. 

Related Reading: Shibarium Transactions Crash 85%, Shiba Inu Burns Drop 78%, What’s Going On?

These funds have recorded three weeks of consecutive net inflows and look on course to maintain that record this week. SoSoValue data shows that these funds recorded net inflows of $479.35 million on October 29, topping the net inflows of $402 million they recorded at the close of last week. 

This massive demand for the Spot Bitcoin ETFs is also significant, considering that they played a huge role in the Bitcoin price rally to its current ATH of $73,000 earlier in March. Meanwhile, the upcoming US election has also played a role in the BTC rally above $70,000, with Donald Trump, who is pro-crypto, currently leading in the polls. 

The US election is also one of the primary reasons why the Bitcoin price could enjoy significant gains in November. The aftermath of the election has always been bullish as the flagship crypto rose to a new ATH after the 2016 and 2020 elections. 

Bitcoin price chart from Tradingview.com
BTC price above $70,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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