BTC Surpasses $123K, With Bullish Q4 Sentiment Fueling Sustained Gains

Bitcoin Nears $124.5K as Institutional Flows and Macro Factors Drive 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 on record.

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

Historically, October has been a strong month for Bitcoin, and 2025 appears no different as bullish sentiment returns heading into the fourth quarter.

From July through September, Bitcoin largely stagnated, underperforming assets like stocks and gold, which frequently hit record highs. However, momentum has shifted as new structural and macro factors influence the market.

“This moment is different from previous cycles,” said economist Noelle Acheson, author of the Crypto is Macro Now newsletter. She highlighted a combination of strong institutional demand and broader macroeconomic trends as key drivers of the current rally.

“In past cycles, we didn’t see this level of sustained global debasement,” Acheson noted, referencing the erosion of fiat currency values. She also cited growing geopolitical uncertainty, which is encouraging a “gradual pivot away from the U.S. dollar toward global hard assets,” with Bitcoin positioned as a primary beneficiary.

While speculative interest often plays a role in crypto rallies, Acheson suggested that this surge is supported by structural factors, giving it potential staying power compared with the short-lived rallies seen in July and August.

“FOMO is always a factor in crypto,” she added. “But this momentum is being driven by both traditional and new forces, amplified by a larger pool of potential investors.”