The Bitcoin price is again over $70,000 for the first time in four months, and at the end of the month the “Uptober” rally finally takes place. This appears to be the start of significant price increases for the flagship cryptocurrency as the market heads into November, which is also historically bullish.

What to expect next from Bitcoin price

Crypto analyst Ali Martínez has revealed what to expect next from Bitcoin price as the cryptocurrency moves back above $70,000. In an

the analyst shared Coinglass datawhich showed that Bitcoin price recorded significant gains in November. Since 2013, the flagship cryptocurrency has recorded positive monthly returns in November seven times. Therefore, it is very likely that BTC will see a positive return again next month.

This also seems feasible considering Bitcoin price is back above the $70,000 resistance level, which the cryptocurrency has struggled to break above for some time. Therefore, BTC appears poised to retest its current all-time high (ATH) of $73,000 and potentially set a new all-time high. Martinez predicted that BTC could rise to up to $78,000 on the next stage upwards.

Meanwhile, there remains a chance that Bitcoin price could reach its ATH before the end of October, or at least before the US presidential election on November 5th. The flagship cryptocurrency is only about 3% away from its current ATH. Experts like Standard Chartered have also predicted that Bitcoin will reach a new high before the US elections.

Factors Driving BTC Rally

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

These funds have posted net inflows for three weeks in a row and are on track to maintain that record this week. SoSoValue data shows that these funds recorded net inflows of $479.35 million as of October 29, surpassing the $402 million in net inflows they recorded at the end of last week.

This huge demand for the spot Bitcoin ETFs is also significant considering that they have played a huge role in the Bitcoin price rally current ATH of $73,000 in early March. Meanwhile, the upcoming US elections have also played a role in BTC’s rally above $70,000, with pro-crypto Donald Trump currently leading the polls.

The US election is also one of the main reasons why the Bitcoin price rose significantly in November. The aftermath of the elections has always been positive, with the flagship crypto rising to a new ATH following the 2016 and 2020 elections.

Featured image created with Dall.E, chart from Tradingview.com