BTC Tops $123K, Eyes New All-Time High Amid Strong Q4 Optimism

Bitcoin Nears $124.5K as Institutional Flows and Macro Trends Propel October Rally

Bitcoin (BTC) is approaching a new all-time high above $124,500, capping a five-day rally that marks one of its strongest starts to October in recent history.

After trading below $110,000 over the past weekend, Bitcoin has gained nearly 15% this week, including a roughly 3% increase over the last 24 hours, bringing it to around $123,300.

October has historically been a strong month for Bitcoin, and 2025 appears no different, with bullish sentiment returning as the fourth quarter begins.

From July through September, Bitcoin largely moved sideways, underperforming assets like stocks and gold, which set new records almost daily. That momentum has shifted, however, as structural factors come into play.

“This moment is different from previous ones,” said economist Noelle Acheson, author of the Crypto is Macro Now newsletter. She cited a combination of robust institutional demand and broader macroeconomic dynamics as the drivers behind the current rally.

“In prior cycles, we didn’t see this level of sustained global debasement,” Acheson noted, referring to the ongoing erosion of fiat currencies in major economies. She also pointed to increasing geopolitical uncertainty, which is encouraging a “gradual pivot away from the U.S. dollar toward global hard assets,” positioning Bitcoin as a primary beneficiary.

While speculative interest often fuels crypto rallies, Acheson emphasized that this surge is backed by deeper structural trends, potentially giving it more longevity than the short-lived rallies seen in July and August.

“FOMO is always a factor in crypto,” she said. “But this momentum wave is supported by both new and traditional drivers, amplified by a growing pool of potential investors.”