Bitcoin hits all-time high of $125,000 as analysts predict explosive fourth quarter
Bitcoin reached a new all-time high of $125,727 on the Bitstamp exchange on October 5. At the time of writing, the leading cryptocurrency was trading at $125,016, cementing its position above the previous record.
BTC/USD 1-day chart. Source: Bitstamp
Market reaction and forecasts
Crypto trader and entrepreneur Michaël van de Poppe noted Bitcoin's new all-time high and suggested Ethereum would be the next asset to achieve similar performance.
Trader Daan Crypto Trades confirmed that BTC has reached a new all-time high. Indian analyst and investor Crypto Candy urged attention to altcoins as Bitcoin reaches another record high.
Bitcoin's market capitalization and position
The Kobeissi Letter, an analytical resource, reported that Bitcoin has officially become an asset with a market capitalization of $2.5 trillion, ranking seventh among the most valuable assets in the world.
The world's top 10 largest assets. Source: Infinite Market Cap
Cas Abbe, a researcher at the CryptoQuant analytics platform, noted that Bitcoin and BNB both hit new all-time highs in the first five days of October (aka “Uptober”). He believes this isn't a fluke, but rather the result of several factors that could make the fourth quarter one of the most explosive in cryptocurrency history.
Prospects for altcoins
Trader and analyst Moustache predicted the imminent start of an altcoin season comparable to 2017 and 2021. He cited the TOTAL2 index, which has been consolidating above its 2021 and 2024 all-time highs for eight weeks now, as evidence. The analyst reiterated an important rule: the longer the consolidation, the stronger the support.
2-week altcoin market cap chart. Analysis: Moustache
October began with Bitcoin breaking new records, and market participants are watching developments in the fourth quarter. A combination of technical factors and market dynamics points to potential for further growth for both Bitcoin and alternative cryptocurrencies.
Source: cryptonews.net
