![[LIVE] Crypto Market Update: Bitcoin Holds $120K, Altcoins Ride Uptober Rally](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==)
The cryptocurrency market is extending its bullish run this week, with Bitcoin surging above $120,000 as traders embrace renewed optimism following the U.S. government shutdown.
The move has reignited talk of “Uptober,” a term coined by traders to describe Bitcoin’s historical tendency to perform strongly in October.
According to Michaël van de Poppe, the latest breakout is a major signal that Bitcoin is gearing up for fresh all-time highs. He noted that BTC has “taken all the highs” and suggested that consolidation at these levels could pave the way for a record-setting rally in the coming weeks.
Market data shows Bitcoin trading around $120,410 with a weekly gain of over 10%, while Ethereum has climbed nearly 15% in the same period to $4,472. Other large-cap assets are also rallying: Solana jumped more than 19% over the week to $230, BNB surged 17% to $1,107, and XRP is holding above $3.
The broader surge coincides with political uncertainty in the U.S. as the shutdown unsettles traditional markets but appears to be bolstering demand for digital assets. Investors are positioning Bitcoin as a hedge against macro risks, a narrative that has repeatedly resurfaced during periods of fiscal instability.
Uptober’s Track Record
Historically, October has been one of Bitcoin’s strongest months. In 2017, BTC nearly doubled between October and December, kicking off its first major institutional wave. More recently, October 2021 marked the beginning of the run that pushed Bitcoin to its previous all-time high near $69,000.
Traders are now eyeing whether this seasonality will repeat, with BTC already up significantly since late September.
What to Expect Next
Speculation is mounting that a period of consolidation around $120,000 could be the launchpad for a new all-time high. Analysts argue that inflows into spot Bitcoin ETFs, coupled with institutional accumulation, provide the fuel for the next leg higher. Ethereum’s strong performance and Solana’s surge above $230 are further stoking hopes that altcoins will follow Bitcoin’s lead in the coming weeks.
The combination of macro uncertainty, strong technical momentum, and October’s historical bullish bias has traders convinced that “party time,” as van de Poppe framed it, may be just beginning.
If Bitcoin maintains its momentum and breaks decisively above $123,000, the market could enter uncharted territory with significant upside ahead. Altcoins, already riding the wave, may see an even sharper rally if capital rotation intensifies.
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.
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Source: https://coindoo.com/crypto-market-update-bitcoin-holds-120k-altcoins-ride-uptober-rally/