Hassan Maishera
TL;DR
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BTC raced to a new all-time high of $126,200 on Monday, with altcoins also rallying higher.
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The coin has now added 10% to its value in the last seven days as bullish momentum grows.
BTC Hits $126k
It is shaping up to be a bullish October (or known as Uptober by Crypto bros) for the cryptocurrency market. Bitcoin, the leading cryptocurrency by market cap, has broken its all-time high record twice within the space of three days.
The coin rallied to an all-time high of $125k on Sunday and followed that up with $126k a few hours ago. The rally comes as Bitcoin has added 10% to its value within the last seven days, outperforming several traditional investment assets.
Deribit CCO Jean-David Péquignot pointed out that strong ETF inflow and safe haven demand amid the ongoing shutdown of the U.S. government are the likely catalysts behind BTC’s rally. He added that,
"From here, watch for volatility spikes and any shift in put volume as a red flag for near-term corrections. Bulls have their eyes on $130K+, and bears might find opportunities in overbought squeezes."
Market participants are optimistic that Bitcoin could rally to $130k before the end of the month. Technical indicators also suggest higher prices, with Bitcoin’s double-bottom breakout pointing to short-term targets of $128,000–$130,000. It could also potentially rise to $138k.
However, analysts also warned of the current overbought conditions in the market, which could result in BTC dropping below $120k in the near term.
With Bitcoin hitting a new all-time high, altcoins have also been performing excellently. Ether, the leading altcoin by market cap, hit the $4,700 mark on Monday, while Binance’s BNB has set a new all-time high $1,259.
SOL, ADA, DOGE, XRP, and TRX are also in the green, with most of them up by 10% or more in the last seven days.
