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

The Bitcoin price is back above $70,000 for the primary time in 4 months, with the ‘Uptober’ rally eventually happening because the month ends. This looks to be the beginning of serious price rallies for the flagship crypto because the market heads into November, which can be historically bullish.

What To Expect From The Bitcoin Price Next

Crypto analyst Ali Martinez has revealed what to anticipate 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 across the corner!” The analyst was alluding to November, which is historically bullish for the flagship crypto.

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. Subsequently, it is extremely 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 interrupt above for some time now. As such, BTC looks primed to retest its current all-time high (ATH) of $73,000 and possibly create a latest record high. Martinez predicted that BTC could rise to as high as $78,000 on its next leg up.

Meanwhile, there stays the chance that the Bitcoin price could even reach its ATH before October ends or no less than before the November 5 US presidential elections. The flagship crypto is barely about 3% away from its current ATH. Experts like Standard Chartered have also predicted that Bitcoin will hit a latest ATH before the US elections.

Aspects 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 within the Bitcoin price.

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

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

The US election can be considered one of the first the explanation why the Bitcoin price could enjoy significant gains in November. The aftermath of the election has all the time been bullish because the flagship crypto rose to a latest ATH after the 2016 and 2020 elections.