The Bitcoin momentum appears to be unstoppable.
Bitcoin has reached a record high today, surpassing its earlier peak of $124,466. It rose more than 13% in the last week, quickly bouncing back from $109,000 at the end of September to hit $125,750 today, based on data from Bitcoin Magazine Pro.
The last time bitcoin approached these figures was in August.
Several factors are driving this bullish shift. Macroeconomic uncertainties — including the current U.S. government shutdown — have prompted investors to look for alternatives like bitcoin, which is often viewed as a safeguard against traditional financial risks.
Geoffrey Kendrick, the head of digital assets at Standard Chartered, believes that bitcoin’s status as a safe haven is being heightened by the fiscal stalemate in Washington.
This rally is also supported by what traders refer to as “Uptober” seasonality, a term used for bitcoin’s historical pattern of strong gains in October.
Over the past ten years, October has yielded average returns above 21%, often setting the stage for strong fourth-quarter performance. Since 2015, bitcoin has averaged a nearly 58% gain in the fourth quarter, outperforming every other three-month period.
Institutions seem to be contributing to this surge as well, with increased investments in exchange-traded funds and digital custody services indicating renewed interest from both retail and institutional investors.
What’s next for Bitcoin?
Bitcoin has traded sideways in recent months, but key liquidity indicators have suggested that this breakout was on the horizon. Factors such as global M2 growth, stablecoin supply trends, and gold’s rally — which bitcoin has followed with a 40-day lag — all indicate upward movement.
JPMorgan analysts suggest that bitcoin is undervalued in comparison to gold, estimating a potential upside to $165,000 if the “debasement trade” — investing in assets that mitigate fiat currency risks — perseveres.
Market analysts, including Kendrick, are updating their forecasts in light of bitcoin’s surge, with some estimates predicting prices to exceed $135,000 shortly and potentially reach $200,000 by year’s end if current trends persist.
At the time of this writing, bitcoin is trading at $123,319.82.
