Bitcoin (BTC) Price Prediction: Uptober Rally Finally Takes Off as Bitcoin ETFs See Huge Interest

Bitcoin is back above $72,000, hitting this level for the first time since its all-time high as Uptober's rally finally takes off.

Bitcoin price has finally reached the level of more than 72,000 dollars with the strong start of the rally in October and has reached this level for the first time after recording the highest historical figure. A lot of interest has been shown in spot bitcoin exchange-traded funds (ETFs), and with $893 million inflows, it was the second highest inflow since January.

As the market heads into November, many are wondering if this could be the start of a strong rally for Bitcoin given the month's historical bullish performance.

October saw a 14.4% monthly increase

Historically, October marks the beginning of bull markets for Bitcoin, and this year looks set to be no different. According to the latest data, the price of Bitcoin has experienced a significant increase of 14.4% in October and has increased the optimism in the digital currency market.

Bitcoin's October performance is remarkable, especially considering its volatility earlier this year. Analysts point out that this October rally could follow historical patterns, where Bitcoin often shows strong uptrends in the last quarter of the year.

This year, the October rally appears to have been fueled by increased interest in spot bitcoin exchange-traded funds (ETFs), a critical factor that could further increase bitcoin's appeal and liquidity.

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Bitcoin's uptrend gets stronger with ETF

One of the main drivers of bitcoin's recent rally is growing institutional interest in spot bitcoin exchange-traded funds (ETFs), as the total number of bitcoins held in all nine U.S. spot funds passed the 1 million milestone. .

On October 30, Bitcoin exchange-traded funds (ETFs) saw $893.3 million inflows in one day, with BlackRock, a major investment firm, committing a whopping $872 million. This record-breaking investment shows BlackRock's strong belief in Bitcoin and brings a lot of energy to the digital currency market.

Thanks to these big investments, Bitcoin has remained in the $71,000 range in recent days. BlackRock's huge investment is seen as a good sign and gives investors more confidence that Bitcoin is a good choice for the long term.

Bitcoin price prediction for November

As we approach November, a month known for Bitcoin's strong performance, cryptocurrency analyst Ally Martinez shares some insights into Bitcoin's past performance. He excitedly said: "Mon November is near!"

While many believe that Bitcoin is poised to challenge its all-time high (ATH) of $73,000 and may even set a new record, Martinez suggests that Bitcoin could be on the next wave. itself to increase to 78,000 dollars.

Other analysts, such as Castillo Trading, are more optimistic and predict that Bitcoin could reach $80,000. This expectation is supported by CME FedWatch data, which shows a 98.9 percent chance of a rate cut.

Also, experts at Standard Chartered predict that Bitcoin will reach a new all-time high (ATH) before the upcoming US election.

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