Bitcoin (BTC) crossed $122,000 on Friday as it maintained its upward trajectory. The flagship cryptocurrency rallied to nearly $124,000, thanks to surging institutional demand, shifting Federal Reserve policy, and investor optimism about a bullish Q4. BTC faced volatility on Friday as it rose to an intraday high of $123,996 before settling at $122,318. Analysts believe the rally will continue and the price will hit a new all-time high. Bitcoin’s Four-Year Cycle May Continue In Some Form Gemini’s head of the APAC region, Saad Ahmed, believes Bitcoin’s four-year cycle could continue in some form. Ahmed added that while the cycle may not play out as it has in the past, it doesn’t mean the concept is dead. “I think when it comes to the four-year cycle, the reality is that it’s very likely that we’ll continue to see some form of a cycle. It ultimately stems from people getting really excited and overextending themselves, and then you kind of see a crash, and then it kind of corrects to an equilibrium.” However, Ahmed stated that growing institutional involvement in crypto could help the market absorb some volatility. “You’ll see some of the volatility, kind of a flag off, but you’ll still see some sort of a cycle, because ultimately, it’s driven by human emotion.” However, analyst Rekt Capital believes October marks Bitcoin’s cycle peak if previous patterns hold. Rekt Capital had stated in July that if BTC’s current cycle mirrors 2020, the market will peak in October. “We have a very small sliver of time and price expansion left.” Analyst Predicts Massive Bitcoin Rally Analysts are becoming increasingly optimistic about Bitcoin’s (BTC) prospects in October. According to one team of analysts, Bitcoin could reach $143,000 this month, a 20% rally. While such a prediction may seem almost outlandish, historical data shows that October is one of the most bullish months for the flagship cryptocurrency. Over the past 12 years, BTC has closed in positive territory 10 times. After a positive end to September, Bitcoin is poised for a fruitful October. In four out of four instances when BTC closed September and October positively, the trend continued in November. Bitcoin Price Analysis Bitcoin (BTC) is eying the $124,000 level after reaching an intraday high of $123,996 on Friday. Bullish sentiment around the asset has surged thanks to surging institutional interest, shifting Federal Reserve Policy, and rising open interest. Analysts believe BTC could go into price discovery if bullish sentiment persists, potentially rising towards $130,000. One of the most prominent drivers of the latest rally is the US government shutdown and the market’s indifferent reaction. Federal agencies have started to furlough staff, and key economic data and report releases are facing delays. Bitcoin has directly benefited from the shutdown as traders position themselves to deal with the lack of clear policy direction. The shutdown has also complicated matters for the Federal Reserve, as inflation and jobs data could be delayed, leading to speculative inflows into Bitcoin and other cryptocurrencies. Bitfinex analysts stated, “Bitcoin’s movement toward a new all-time high appears genuinely organic. We suspect that Trump’s announcement of potentially considering a stimulus cheque for every citizen, funded by tariffs, could also contribute to a further rise in Bitcoin’s price. This could mirror what we witnessed following the COVID stimulus cheques. Meanwhile, steady ETF inflows provide a clear tailwind.” On-chain data has confirmed the recent surge is driven by demand, with analysts highlighting a taker buy volume spike of over $1.6 billion in one hour across exchanges. BTC ended the previous weekend in the red, dropping 0.41% to $115,282 on Sunday. Selling pressure intensified on Monday as the price fell by over 2% to $112,736. Sellers retained control on Tuesday with BTC falling 0.64% to a low of $111,502 before settling at $112,017. Despite the overwhelming selling pressure, BTC recovered on Wednesday, rising over 1% to reclaim $113,000 and settling at $113,348. Bearish sentiment returned on Thursday as BTC plunged nearly 4%, slipping below $110,000 and settling at $109,035. BTC recovered on Friday, rising 0.61% but was back in the red on Saturday, registering a marginal decline and settling at $109,681. Source: TradingView Bullish sentiment intensified on Sunday as BTC rallied, rising over 2% to cross $112,000 and settle at $112,197. Buyers retained control on Monday as the price rose almost 2% to cross $114,000 and settle at $114,365. Despite the positive sentiment, BTC fell to a low of $112,695 on Tuesday. However, it recovered from this level to settle at $114,067, ultimately registering a marginal decline. Bullish sentiment returned on Wednesday as BTC rallied, rising over 4% to cross $118,000 and settle at $118,659. Buyers retained control on Thursday as the price rose 1.65% to reclaim $120,000 and settle at $120,621. Bullish sentiment persisted on Friday despite volatility and selling pressure. As a result, BTC reached an intraday high of $123,996 before settling at $122,318. The price is marginally up during the ongoing session, trading around $122,349. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
