Bitcoin reached a new all-time high over the weekend, leading analysts to suggest a renewed accumulation phase that could drive a rally to $150,000 by year’s end.
Bitcoin (BTC) hit a new record above $125,700, and its market capitalization briefly exceeded $2.5 trillion for the first time in cryptocurrency history, as reported by Cointelegraph on Sunday.
This surge was supported by various macroeconomic factors, including the recent US government shutdown—the first since 2018—which some analysts believe has reignited interest in Bitcoin’s role as a store of value.
Historically, similar conditions have led to “major price milestones,” according to Fabian Dori, chief investment officer at digital asset banking group Sygnum Bank.
The US government shutdown has “renewed discussion around Bitcoin’s store-of-value role, as political dysfunction highlights interest in decentralized assets,” Dori told Cointelegraph. “Additionally, the broader landscape—characterized by loose liquidity, a service-led business cycle acceleration, and narrowing underperformance compared to equities and gold—has drawn attention to digital assets,” he added.
However, the impact of the government shutdown on the crypto market will ultimately depend on how it influences the US Federal Reserve’s views on interest rate decisions, Jake Kennis, senior research analyst at Nansen, told Cointelegraph.
“Crypto markets could benefit from a resolution if it reduces uncertainty and leads the Fed toward a more dovish stance,” Kennis added.
While some analysts see the government shutdown as indicating a potential crypto market bottom, Kennis mentioned it’s “premature to claim this is a local market bottom,” as confirmation would necessitate “multi-week stability above key support levels.”
Related: Bitcoin ETFs spark ‘Uptober’ with $3.2B in the second-best week on record
Bitcoin enters new accumulation phase
Some analysts interpret Bitcoin’s recent surge as indicative of a new accumulation phase by major players, as onchain data shows a decrease in selling pressure from whales.
“Market data suggests the current price movement may relate to an accumulation phase,” noted Sygnum Bank’s Dori.
“Selling pressure from long-term holders seems to be easing, while short-term investors are stabilizing after a period of realized losses.”
Historically, periods of “cooling speculative activity and steadier positioning” have preceded significant Bitcoin rallies, he added.
Related: Crypto trader turns $3K into $2M after CZ post sends memecoin soaring
Meanwhile, Bitcoin’s open interest “reset sharply” following last week’s options expiry, potentially “setting the stage” for the fourth quarter, according to blockchain analytics platform Glassnode.
As speculative activity slows, more attention may turn to Bitcoin, reinforcing analyst forecasts of a breakout to $150,000 in the fourth quarter of 2025 if BTC maintains its momentum above the critical $120,000 psychological level, Charles Edwards told Cointelegraph at Token2049.
Magazine: Bitcoin to see ‘one more big thrust’ to $150K, ETH pressure builds
