Bitcoin has once again set the market buzzing after crossing the $120,000 mark, extending the optimism that has defined the early days of October. At press time, the cryptocurrency trades around $120,505, recording a modest 0.7% increase over the past 24 hours and a more impressive 10.2% surge over the last week. This rally has pushed Bitcoin’s market capitalization above $2.4 trillion, reigniting bullish sentiment across the broader digital asset market.
The momentum has been dubbed “Uptober” by traders, a term reflecting the seasonal bullishness Bitcoin often experiences in October. Analysts note that if current trends hold, the asset could test short-term targets between $124,685 and $125,071 within the next month, placing it within striking distance of its all-time high.
One of the major drivers of the recent upswing is accumulation by mid-sized holders. Blockchain data from Glassnode shows that wallets holding between 100 and 1,000 BTC have shifted firmly into accumulation mode after last week’s sell-offs. The Trend Accumulation Score for this group has climbed to 0.62 over the past 15 days, signaling that buyers are steadily outweighing sellers. Investors with 10 to 100 BTC have also resumed their purchases, while smaller retail wallets are showing less selling pressure. A score above 0.5 generally indicates positive buying momentum, while a reading closer to 1 suggests strong accumulation.
Adding to the optimism, Standard Chartered’s Global Head of Digital Assets Research, Geoff Kendrick, believes Bitcoin could push further, possibly topping $135,000 this quarter. He points to net Bitcoin ETF inflows, which currently stand at $58 billion, with $23 billion arriving in 2025 alone. Kendrick expects at least another $20 billion in inflows before year-end, a factor that could provide substantial support for Bitcoin’s next leg upward.
Technical indicators are also painting a bullish picture. Bitcoin appears to be forming a double bottom pattern, with the $108,000 to $110,000 range serving as a strong support level. Breaking above $115,000 has been seen as a crucial step, and with the Relative Strength Index (RSI) currently at 66, analysts suggest there is still room for more upward movement before overbought conditions set in.
The combination of robust ETF inflows, renewed institutional demand, and favorable technical setups has many traders convinced that the current rally may only be the beginning. As “Uptober” gathers pace, Bitcoin’s push toward new highs is increasingly being viewed as more than just seasonal enthusiasm.
