It seems that Bitcoin trains will never stop.
Bitcoin hits its all-time high today, surgening beyond its previous all-time high of $124,466. According to Bitcoin Magazine Pro Data, Bitcoin surpassed more than 13% in the past week, signing up quickly from $109,000 at the end of September to reach $125,750 today.
It was August that Bitcoin last came close to these levels.
There are several important drivers for bullish reversals. Macroeconomic uncertainty, including the ongoing US government closure, has led investors to alternatives like Bitcoin.
Geoffrey Kendrick, digital assets director at Standard Chartered, believes that Bitcoin’s role as a safe haven is being amplified by Washington’s financial railroad.
This gathering is also strengthened by the so-called “up-to-bar” seasonality. This is the term traders use to describe the typical pattern of Bitcoin’s typical October profits.
Over the past decade, the month has generated average returns of over 21%, setting the stage for performances in many cases in the four quarter. Since 2015, Bitcoin has averaged nearly 58% profit in the fourth quarter, outperforming its performance every three months.
The institutions also appear to play a role in this jump, increasing the flow to exchange sales funds and digital custody services, informing new appetites from both retail and professional investors.
Where is Bitcoin heading?
Bitcoin has been trading sideways in recent months, but key liquidity metrics suggest this breakout is coming. Global M2 growth, Stablecoin Supply Trends, and Gold’s Rally (where Bitcoin closely tracks with a 40-day delay) are all pointed upwards.
JP Morgan analysts believe that Bitcoin is undervalued compared to gold, and if “fiatement trade” continues to invest in assets that hedge fiat currency risk, the theoretical profit is up to $165,000.
Market watchers like Kendrick have raised their targets in response to Bitcoin rallies, with some forecasts requiring prices to exceed $135,000 in the short term and reach $200,000 by the end of the year if the current trend continues.
At the time of writing, Bitcoin is trading at $123,319.82.
