Bitcoin Hits Fresh Record as “Uptober” Momentum Drives Crypto Rally

Bitcoin’s surge shows potential for further gains above $130,000, though short-term pullbacks to $118,000 remain possible, according to Deribit CCO Jean-David Péquignot.

So far, October — often dubbed “Uptober” for historically bullish trends — is living up to the nickname. BTC briefly spiked past $125,000 on Sunday before retreating, then extended its rally on Monday to a new all-time high of $126,223 during U.S. trading. BTC recently traded around $125,200, up 1.5% in 24 hours.

The rally has been supported not just by dollar weakness, but also by strong performance in euro and Swiss franc terms, with BTC surpassing its January high at 106,000 EUR and mid-August peak at 99,642 CHF, according to TradingView data.

Altcoins Follow Bitcoin Higher

The broader crypto market joined the rally. Ether (ETH) climbed 4% to $4,700, reaching a three-week high, while Dogecoin (DOGE) and Binance Coin (BNB) advanced 6%, reflecting strong momentum across major tokens.

Crypto Stocks See Mixed Moves

Traditional crypto-linked equities posted mixed results. Robinhood (HOOD) fell 3% after Galaxy Digital launched GalaxyOne, a trading platform similar to Robinhood, which boosted GLXY shares 7%. Coinbase (COIN), Circle (CRCL), and Strategy (MSTR) rose roughly 2%, tracking crypto market gains.

Mining stocks led the equity charge, spurred by news that OpenAI plans to purchase tens of billions in AI chips from AMD. Marathon Digital (MARA), Riot Platforms (RIOT), and Cleanspark (CLSK) gained about 10%, benefiting from both bitcoin strength and AI-related optimism.

Perfect Macro Setup Driving BTC

Péquignot noted that bitcoin’s rally is supported by a “perfect storm of macro tailwinds.” The ongoing U.S. government shutdown has increased demand for hard assets like BTC and gold, while strong inflows into BTC ETFs and shrinking spot exchange inventories are fueling a self-reinforcing bull cycle.

From a technical standpoint, BTC’s double-bottom breakout points to short-term targets of $128,000–$130,000, with potential upside to $138,000. However, overbought conditions suggest a shakeout to $118,000–$120,000 remains possible.

“Watch for volatility spikes and shifts in put volumes as warning signs,” Péquignot said. “Bulls have their eyes on $130K+, while bears may look for opportunities in overextended conditions.”