Bitcoin Rockets Toward All-Time High After Breaking $122K
P Morgan analysts recently noted that Bitcoin remains undervalued relative to gold, suggesting it could reach $165,000 by year-end.
Quick overview
- The crypto market began October positively, with Bitcoin reaching its highest level since August at over $122,200.
- Ethereum is also climbing, nearing $4,500, while other altcoins like BNB and XRP saw gains exceeding 7%.
- Analysts predict October could be a bullish month for cryptocurrencies, supported by favorable macroeconomic conditions and historical trends.
- Institutional interest remains strong, with significant Bitcoin purchases and plans for 24/7 trading of Bitcoin and Ethereum futures by CME Group.
The crypto market started October on a strong note, with the world’s leading digital asset hitting its highest level since August. Traders are increasingly confident that the historical pattern of October rallies could play out once again.
Bitcoin (BTC) climbed 1.7% in intraday trading, rising above $122,200 — its highest since mid-August, according to Binance data — and edging close to its all-time high of $123,770.
Among altcoins, Ethereum (ETH) continues to push higher, nearing $4,500, though with slightly less momentum. Other tokens such as BNB and XRP posted gains of more than 7%. Overall, the global crypto market rose 1.9% in the past 24 hours.
“Uptober” Expectations
Market analysts see this rally as a sign that October could once again prove to be a bullish month for cryptocurrencies. The term “Uptober” was coined to describe this recurring trend, with Bitcoin historically recording significant gains in the tenth month of the year.
This time, macroeconomic conditions seem to support the outlook. The temporary U.S. government shutdown and the suspension of key economic data releases have driven demand for hard assets such as Bitcoin. In addition, April’s halving event — which cut the issuance of new BTC in half — has historically preceded sustained price increases. Analysts also point to liquidity signals, such as growth in global money supply (M2), rising stablecoin issuance, and renewed strength in gold, as evidence of continued demand for Bitcoin.
Rising Institutional Interest
Institutional activity also remains strong. Japanese firm Metaplanet now holds over 30,800 BTC, while Tether has reinvested $1 billion into Bitcoin purchases this year.
Spot Bitcoin ETFs have also seen strong inflows, reflecting renewed appetite from both retail and corporate investors. Meanwhile, CME Group has announced plans to launch 24/7 trading of Bitcoin and Ethereum futures and options starting in 2026, which could further boost institutional participation and global liquidity.
Outlook Ahead
JP Morgan analysts recently noted that Bitcoin remains undervalued relative to gold, suggesting it could reach $165,000 by year-end. The bank estimates that Bitcoin’s market capitalization would need to rise by 42% to match the $6 trillion held in private gold investments.
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