Bitcoin kicked off October with strong momentum, climbing above $118,000 and fueling expectations of a new all-time high.
Growing accumulation from long-term investors and bullish sentiment among analysts are driving optimism across the market.
Accumulation Signals Confidence
TradingView data shows Bitcoin trading at around $118,700, with a daily peak of $119,352. Momentum indicators like the RSI suggest building strength as demand pushes the asset closer to overbought conditions.
On-chain insights back this up: Glassnode data, shared by analyst Ali, revealed that long-term holders added more than 3,800 BTC to their positions in September, signaling confidence despite recent volatility. Such buying patterns have historically set the stage for strong rallies.
Analysts Eye New Highs This Month
Crypto strategist Michaël van de Poppe noted that Bitcoin has absorbed much of the liquidity above recent highs, which may cause short-term pauses but also paves the way for a breakout. He expects the momentum to benefit altcoins as well, while projecting that Bitcoin could reach a new record level before the end of October.
With institutional demand persisting and retail buyers returning, the outlook for Bitcoin and the broader crypto market remains strongly bullish as the final quarter of the year begins.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/bitcoin-price-strong-october-start-signals-fresh-breakout-ahead/