Bitcoin BTC -3.016% 's price could reach $47,000 by the end of November, according to Rachel Lin, co-founder of the multi-chain decentralized exchange SynFutures.

"Last week has cemented October's reputation as 'Uptober,' with bitcoin witnessing nearly a 29% increase in value," Lin said in a statement shared with The Block. "Even more interesting is that when we look at historical data, November tends to be even better than October, with an average return of over 35% in bitcoin. If this November were to deliver similar returns, we could see BTC reach around $47,000."

Beyond the price increase, the crypto market is also witnessing a rise in the number of users and transactions, according to Lin, a further positive sign for the ecosystem.

The 'bull party' continues

Particularly noteworthy is a spike in spot volume, with a marked increase in large transactions exceeding $100,000, according to the SynFutures co-founder.

"This is a clear indicator of heightened institutional interest, as big players are seemingly consolidating their positions in digital assets, specifically bitcoin," Lin said. "If we look at last week's asset inflow, we can see a massive increase, with nearly $325 million flowing into the sector, almost $300 million of which went into bitcoin."

Options data also reflects the bullish market mood. "As of Nov. 3, the top two options with the largest open interest are the 40,000 December call and the 45,000 December call. Even the 50,000 December call option has over 5,000 BTC open interest," Lin noted. "This suggests a large number of people are willing to bet that bitcoin will be significantly higher in two months than what it is today."

While short-term relative strength index momentum indicators reaching overbought levels is a negative sign, the "long-term prospects look bright," Lin said.

Bitcoin’s price is up 2.1% over the past week and 25.9% over the last month, according to The Block’s price data. It's currently trading at $34,750.

Last month, SynFutures raised $22 million in a Series B funding round led by Pantera Capital, adding that it was open to the idea of launching a native token in the future.