Today, Bitcoin surpassed $121,000, edging closer to its all-time high as the fourth quarter of 2025 began with renewed enthusiasm for the cryptocurrency.
The surge follows a strong finish in September, during which Bitcoin saw a gain of approximately 5%, closing around $114,000—an impressive feat considering Bitcoin’s historical trend of seasonal underperformance.
Traditionally, when September ends positively, Bitcoin tends to achieve substantial fourth-quarter gains. Data from Bitcoin Magazine Pro indicates that in years like 2015, 2016, 2023, and 2024, fourth-quarter increases averaged over 50%.
This seasonal pattern has led traders to dub October “Uptober.” Since 2015, this month has yielded average gains of 21.8%, while November adds another 10.8% to the tally.
If history is any guide, Bitcoin may be on track to exceed $150,000 before year’s end.
Is a Bitcoin all-time high on the horizon?
As per Bitcoin Magazine Pro data, Bitcoin has surged nearly 3% within the last 24 hours, climbing from about $117,500 to just above $121,000. Over the past month, Bitcoin has gained over 9%, up from approximately $110,700.
On a year-to-date basis, Bitcoin has achieved a return of 27%, highlighting its durability amid ongoing market volatility.
With prices now less than 3% from the previous all-time high of over $124,000, the conditions appear ripe for a breakout if buying momentum remains strong.
Bitcoin’s upward momentum
This most recent spike occurred as traditional economic indicators struggled following the U.S. government’s shutdown at midnight after Congress failed to pass a funding bill. With Wall Street facing pressure and economic data releases paused, investors turned to hard assets.
The gains this year also build upon April’s halving event, which halved Bitcoin’s new supply—a milestone that has historically been a precursor to significant price increases. Concurrently, key liquidity indicators are signaling positive trends.
Growth in the global M2 money supply, increasing stablecoin issuance, and a gold rally—which Bitcoin often tracks with a time lag—indicate strong demand.
Analysts at Citigroup recently projected that Bitcoin could reach $181,000 within 12 months, citing strong inflows that may total $7.5 billion by December.
“We are more optimistic about Bitcoin compared to Ether, as it captures a larger share of incremental flows into the crypto markets,” Citi analysts noted, adding that a more favorable regulatory landscape could sustain momentum into 2026.
With Bitcoin already achieving record highs in 2025, the fourth quarter now presents a crucial period.
