Bitcoin Skyrockets Beyond $120K, Igniting ‘Uptober’ Rally in Crypto Markets
Bitcoin has surged past the $120,000 milestone for the first time since August, fueling optimism for a strong fourth-quarter rally. Traders are betting on the cryptocurrency’s historically bullish October performance. The rally, affectionately termed “Uptober” by crypto enthusiasts, has seen Bitcoin gain over 4% this month alone.
This surge is driven by renewed institutional interest and record-breaking ETF inflows. Leading the charge were BlackRock and Fidelity, with $627 million in combined inflows on Thursday. This marked the fourth consecutive day of significant institutional investment.
Analysts point to several catalysts behind the surge:
- Expectations of Federal Reserve rate cuts following weaker US jobs data
- The ongoing government shutdown creating economic uncertainty
- Seasonal patterns that have historically favored Bitcoin in Q4
CoinDesk reports that Bitcoin futures open interest hit a record $32.6 billion, signaling strong momentum in derivatives markets.
Looking ahead, technical analysts suggest Bitcoin could test the $125,000-$130,000 range if current momentum holds. Some are even predicting a potential run toward $200,000 by year-end. However, cautionary voices warn that such aggressive targets may be mathematically improbable given the time constraints and required daily gains.