Bitcoin Hits New All-Time High Amid ‘Uptober’ Rally
Bitcoin reached a new all-time high on October 6 during strong momentum in the “Uptober” season. However, none of its 30 bull market peak indicators have signaled a market top yet.
At the time of writing, Bitcoin trades near $120,988, down 3.38% from its daily high. Trading volume surged 17% today, reaching $77 billion, according to CoinMarketCap.
Market Indicators and Investor Confidence
Data from CoinGlass classifies Bitcoin as a “hold 100%” asset based on its top 30 bull market indicators. These indicators track Bitcoin’s cycle using metrics like the Pi Cycle Top, MVRV ratio, and Ahr999 Index. They cover price, on-chain activity, and market sentiment.
Currently, none of these indicators suggest a market peak. This supports the view that Bitcoin could continue rising to new highs.
Farzam Ehsani, CEO and Co-founder of VALR, told The CryptoTimes, “Bitcoin’s new all-time high and surge past $125,000 is driven by the convergence of multiple tailwinds kicking into the market simultaneously. These converging factors are vital for understanding the trajectory of the market in Q4.”
Factors Driving the October Rally
The recent price surge is mainly fueled by institutional demand and favorable macroeconomic conditions for high-risk assets. Analysts predict Bitcoin could reach $135,000 this year if momentum continues.
Ehsani added, “Seasonal strength is adding further fuel to BTC’s rally fire. Historically, Bitcoin has posted gains in 10 of the last 12 Octobers and 8 of the past 12 Q4s. This sets expectations that the current breakout, which saw BTC move from $110,000 to $125,000 in one week, could extend further and withstand typical selling pressure at new highs.”
Market sentiment is also turning more bullish. The Crypto Fear and Greed Index stands at 64, indicating growing investor confidence, according to CoinMarketCap.
