Bitcoin Surges Past $120K Amid ‘Uptober’ Rally

[AIcash]

Bitcoin (BTC) climbed above $120,000 for the first time in over six weeks, boosted by weak US jobs data, the government shutdown, and rising bets on rate cuts. So far this month, BTC is up 5.5%, reinforcing the ‘Uptober’ trend.

Analysts point to technical signals like the Pi Cycle Top Indicator and BTC’s logarithmic growth channel, suggesting room for further gains. Some even compare the current trajectory to gold’s 1970s rally, hinting at a potential move toward $200,000.

[Nahid10]

Bitcoin’s return above $120K revives bullish sentiment, with macro conditions and technical setups aligning for potential continuation. Traders view $125K as the next key resistance before a push toward new all-time highs.

[kelson10]

Historical analogies like gold’s 1970s rally support the thesis that BTC’s next cycle could be defined by inflation hedging and institutional accumulation — both already showing early momentum.