Bitcoin Surpasses $121,000 – Bullish Sentiment Emerges as Experts Explain the Reason for the Rise
Bitcoin (BTC) attracted attention by surpassing the $121,000 level for the first time since breaking the record seven weeks ago.
The ongoing speculation of a government shutdown in the US is accelerating investors' flight to safe-haven assets.
Bitcoin, long dubbed “digital gold” by cryptocurrency advocates, continued its rise despite gold's retreat from record highs. “We're seeing the macro theme dominate Bitcoin again,” said Karim Dandashy, an OTC trader at Flowdesk. “We've seen $1.5 billion in ETF inflows this week, and Bitcoin is trying to match gold's phenomenal rally in recent weeks.”
Altcoins also saw gains, with Solana gaining 5.7%, Litecoin 6.7%, and Dogecoin 4.7%. Crypto-related company stocks also followed suit, with Coinbase rising 7.8%, Strategy, known for its Bitcoin treasury, gaining 3.5%, and mining company MARA Holdings rising 2.1%.
FalconX Research President David Lawant argued that the market had been waiting for a breakout for a long time, saying, “There has been seller pressure on spot order books for months, but the price hasn't broken through. This demonstrates the classic squeeze dynamic that can lead to explosive price increases as supply dries up. We may be seeing exactly that scenario in the market right now.”
Another factor supporting the rise is Bitcoin's historically strong performance in October. This period is known as “Uptober” in the crypto market. Syncracy Capital co-founder Ryan Watkins said, “September is typically the weakest month for Bitcoin, but the fourth quarter tends to be the strongest. I'm not a big believer in seasonality, but I think it often becomes a self-fulfilling expectation.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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