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The Bitcoin journey appears to never, ever halt.
Bitcoin achieved a peak today, soaring beyond its prior record of $124,466. Bitcoin ascended more than 13% over the last week, swiftly recovering from $109,000 at the end of September to reach $125,750 today, as per Bitcoin Magazine Pro data.
The last occasion bitcoin approached these heights was in August.
Several pivotal factors are driving the bullish turnaround. Macroeconomic unpredictability — including the current U.S. government shutdown — has steered investors towards alternatives such as bitcoin, historically viewed as a safeguard against conventional financial risks.
Geoffrey Kendrick, head of digital assets at Standard Chartered, asserts that bitcoin’s function as a safe haven is being heightened by the fiscal stalemate in Washington.
This surge has also been enhanced by the so-called “Uptober” seasonality — a phrase traders use to characterize bitcoin’s usual trend of significant October profits.
Throughout the past decade, this month has shown average returns surpassing 21%, often setting the groundwork for considerable fourth-quarter success. Since 2015, bitcoin has recorded an increase of nearly 58% in the fourth quarter, outpacing every other three-month timeframe.
Institutions seem to be contributing to this surge as well, with heightened inflows into exchange-traded funds and digital custody services indicating renewed demand from both retail and institutional investors.
Where is Bitcoin headed?
Bitcoin has moved sideways in recent months, but critical liquidity indicators indicated that this breakout was imminent. Global M2 growth, stablecoin supply patterns, and gold’s rally — which bitcoin has closely followed with a 40-day delay — all showed positive trajectories.
JPMorgan analysts believe that bitcoin is undervalued compared to gold, projecting a theoretical upside to $165,000 if the “debasement trade” — investing in assets that mitigate fiat currency risk — persists.
Market observers, like Kendrick, are adjusting their forecasts in light of bitcoin’s rally, with some predictions anticipating prices to surpass $135,000 in the short term and potentially reach $200,000 by year-end if current patterns remain.
At the moment of writing, bitcoin is priced at $123,319.82.
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