Bitcoin Approaches $124.5K as Institutional Demand and Macro Trends Drive October Rally
Bitcoin (BTC) is nearing a new all-time high above $124,500, capping a five-day rally that marks one of its strongest starts to October in recent history.
After trading below $110,000 over the past weekend, BTC has climbed nearly 15% this week, including a roughly 3% gain over the last 24 hours, bringing it to around $123,300.
Historically, October has been a bullish month for Bitcoin, and 2025 appears no exception, with optimism returning as the fourth quarter begins.
From July through September, Bitcoin largely moved sideways, underperforming stocks and gold, which frequently hit record highs. Momentum has shifted, however, as new factors drive investor interest.
“This moment is different from previous ones,” said economist Noelle Acheson, author of the Crypto is Macro Now newsletter. She highlighted a mix of strong institutional participation and macroeconomic pressures as the catalysts behind the current rally.
“In prior cycles, we didn’t see this level of sustained global debasement,” Acheson noted, referencing the ongoing erosion of fiat currency values. She also pointed to rising geopolitical uncertainty, encouraging a “gradual pivot away from the U.S. dollar toward global hard assets,” with Bitcoin emerging as a key beneficiary.
While speculative interest often drives crypto rallies, Acheson suggested this surge is underpinned by structural factors, potentially giving it more staying power than short-lived rallies in July and August.
“FOMO is always present in crypto,” she added. “But this momentum wave is shaped by both traditional and new drivers, supported by a growing pool of potential investors.”
