Bitcoin has surged close to its all-time high above $124,500, completing a five-day rally that represents one of the strongest October starts in history.
After trading below $110,000 last weekend, the cryptocurrency has gained nearly 15% this week, including approximately 3% in the past 24 hours to reach $123,300.
Historically, October has been a strong month for Bitcoin, and this year continues the trend as bullish sentiment strengthens entering the fourth quarter.
Between July and September, Bitcoin's price largely stagnated, trading within a narrow range and underperforming compared to stocks and gold, which repeatedly set new records.
However, the momentum has now shifted.
"This cycle differs from previous ones," noted economist Noelle Acheson, author of the Crypto is Macro Now newsletter. In an X post, Acheson highlighted increased institutional participation and broader macroeconomic factors as key drivers shaping the current market cycle.
"Previous cycles lacked this level of sustained global currency devaluation," she stated, referring to the weakening of fiat currencies across major economies. She also observed that rising geopolitical uncertainty is prompting a "gradual shift away from the U.S. dollar toward global, hard assets," with Bitcoin positioned as a primary beneficiary.
While speculative excitement often accompanies crypto rallies, Acheson suggested this surge stems from deeper structural changes and could demonstrate greater sustainability. This contrasts with recent peaks in July and August, both followed by significant sell-offs.
"FOMO remains a powerful force in crypto markets," she added. "The emerging momentum wave will be fueled by both new and existing factors, amplified by an expanding pool of potential investors."