Navigation

© Zeal News Africa

BREAKING: Bitcoin (BTC) Explodes to New All-Time Highs, Eyes $135,000 Milestone!

Published 1 day ago4 minute read
David Isong
David Isong
BREAKING: Bitcoin (BTC) Explodes to New All-Time Highs, Eyes $135,000 Milestone!

Bitcoin has surged past the $125,000 mark, nearing a new all-time high as global macroeconomic uncertainty and escalating political tensions in Washington have propelled investors towards alternative assets. The world’s largest cryptocurrency climbed more than 13% over the past week, rebounding from approximately $109,000 at the end of September to touch $125,750 over the weekend, and reaching intraday highs of $125,782, $125,708, and trading near $125,870 and $124,585 at different points. This impressive rally aligns with the historical “Uptober” trend, where Bitcoin typically sees strong October gains, setting the tone for the final quarter with an average 58% increase since 2015.

Several factors are fueling Bitcoin's ascent. Expectations of a Federal Reserve interest rate cut later this month are making non-yielding and risk-sensitive assets more attractive. The ongoing U.S. government shutdown, now in its second week, has further deepened concerns about fiscal dysfunction and the long-term credibility of the dollar, amplifying Bitcoin's role as a safe haven. Institutional demand is a significant driver, evidenced by renewed appetite from professional investors through inflows into spot Bitcoin ETFs and custodial platforms. Additionally, a massive liquidation of short positions has occurred, with $221.58 million worth of futures liquidated over 24 hours, 96% of which were short positions on the Bybit exchange.

Analysts are optimistic about Bitcoin’s near-term prospects. Geoffrey Kendrick, head of digital assets at Standard Chartered, believes Bitcoin could reach $135,000 in the near term and potentially $200,000 by year’s end if current conditions persist. Polymarket bettors currently assign a 34% chance of Bitcoin surpassing $135,000 soon and a 53% chance of exceeding $140,000, though only a 7% chance of hitting $200,000 by year-end 2025. El Salvador, which adopted BTC as legal tender in 2021, has reported a substantial unrealized profit of $475,000,000 from its Bitcoin holdings, adding to the optimistic narrative. Key resistance levels for Bitcoin are between $126,000 and $127,000; a breakthrough could swiftly push it to $130,000-$135,000. The critical support zone to defend is $120,000, with a daily close above $126,000 potentially triggering a liquidation cascade.

Beyond Bitcoin, the cryptocurrency market is showing broader strength. Ethereum, the main altcoin, climbed to $4,563, showing a nearly 2% gain on the day. On-chain flows indicate significant whale activity, with a dormant wallet sending 4,500 ETH ($20,400,000) to Kraken and Trend Research moving 96,100 ETH ($426,890,000) to Binance since October 1st. Analysts interpret these as structured moves rather than total exits. Ethereum faces resistance between $4,600 and $4,800, with a breakout potentially leading to $5,000. Support holds strong at $4,300, and low funding rates suggest healthy leverage. If Bitcoin's rally stabilizes, Ethereum could be next to set a new all-time high.

Adding to the intrigue, the wallets linked to Bitcoin's anonymous creator, Satoshi Nakamoto, are now valued at a staggering $136.288 billion. With 1.096 million BTC unmoved since 2010, Satoshi Nakamoto is, on paper, one of the wealthiest individuals globally, rivaling the fortunes of Warren Buffett and Bill Gates. This untouched fortune underscores Bitcoin's scarcity and mystique.

In the altcoin market, Zcash (ZEC) has emerged as a top performer, surging 283% over the past month and 154.99% in the past seven days, trading at $155.75. This rally is fueled by a renewed focus on privacy narratives in the crypto space, including Ethereum Foundation's privacy roadmap and Ripple's discussions on confidentiality. Fibonacci levels suggest potential targets of $221 and $318, with higher targets of $476-$614 if momentum persists. Other altcoins like SPX token (+68% weekly) and PENGU (+24% weekly) are also exhibiting strong behavior.

The broader financial landscape also reflects a flight to safety. Gold extended its record-breaking run, surging to $3,944.81 per ounce in Asian trading, up nearly 50% this year. This is attributed to central bank buying, dollar weakness, and expectations of further Fed easing amidst persistent geopolitical risks. Conversely, the yen continued to weaken against the dollar, trading above 145 yen, following Japan’s election that brought in a government favoring looser fiscal policy. Investors appear to be positioning for a prolonged period of policy uncertainty and dollar weakness, with the sustainability of this momentum depending on Washington's resolution of its fiscal impasse and the Fed's rate cut decisions in the coming weeks.

Loading...
Loading...
Loading...

You may also like...