Uptober delivers! Bitcoin reclaims 120k; will bulls push BTC to new highs?

The crypto market rally aligns with historical trends. October, often called 'Uptober' in the crypto space, has traditionally been bullish, with Q4 typically delivering strong gains

Bulls took charge of digital assets as the crypto market surged into full rally mode, living up to its bullish reputation during "Uptober." The flagship asset, Bitcoin (BTC), has soared past the $120,000 mark, marking its highest level in two months. The surge has been driven by strong inflows into U.S. spot Bitcoin ETFs and rising uncertainty around a potential US government shutdown. This bullish momentum has spilled over into major altcoins like Ethereum, Litecoin, and XRP, reinforcing strength across the broader crypto market.

 

Meanwhile, the total crypto market capitalisation has surged past $4 trillion, highlighting a renewed wave of interest from both institutional and retail investors. The rally in the crypto markets, analysts said, reflects growing investor appetite for hedge assets amid rising macroeconomic uncertainty. 

October’s bullish legacy continues

The rally in the crypto markets aligns with the historical trends of digital assets. Historically, October, often called 'Uptober' in the crypto space, has been bullish, with Q4 typically showing strong gains.  "We see October unfolding as a pivotal month for crypto’s evolution, thanks largely to the SEC’s shift toward generic listing standards for spot ETFs, which could dramatically shorten approval timelines and unleash a fresh wave of institutional capital," said Ryan Lee, chief analyst at Bitget.

Macro factors drive momentum

Edul Patel, CEO of Mudrex, attributed the current crypto rally to multiple macroeconomic factors. "Multiple factors, such as the ‘Uptober’ sentiment, the impact of the US government shutdown, whale inflows, and the weak ADP employment report, have fueled the ongoing rally," said Patel. In this week alone, Bitcoin ETFs recorded net inflows of over $1.6 billion while corporates like Metaplanet bought 5,000 BTC, adding strength to the rally.

 

Shivam Thakral, CEO of BuyUcoin, on the other hand, said that today’s sentiment reflects cautious optimism. "Whale accumulation and strategic inflows into top-tier tokens are providing solid support, but underlying risks remain. Outflows from crypto ETFs and hawkish signals from central banks have introduced volatility, reminding traders that liquidity conditions still matter," said Thakral.

 

"Bulls are in control, but they are advancing with discipline rather than mania, setting the stage for a potentially sustainable rally," Thakral added. 

Will Bitcoin scale fresh peak?

The digital asset continues to trade higher and is holding above the $120,000 mark. At last check, Bitcoin was trading with gains of 1.23 per cent at $120,076, with a 24-hour trading volume of $65.57 billion, according to data from CoinMarketCap. The flagship asset has oscillated between $118,383 and $121,086 in the last 24 hours.

 

Bitcoin's market capitalisation surged to $2.39 trillion, reinforcing Bitcoin’s status as the world’s largest digital asset. That said, Bitcoin is still over 3 per cent down from its peak of $124,457, scaled on August 14 this year.

 

As dozens of new ETF filings enter final decision windows through October, the path, analysts believe, is being paved for regulated exposure to digital assets to reach new heights.

 

From a technical point of view, Patel believes that if BTC breaks past $123,200, it could enter price discovery, making way for new highs.

 

Riya Sehgal, research analyst, Delta Exchange, on the other hand, believes that holding $120,000 as support will be critical for gains toward $124,000 and higher for Bitcoin. "While short-term volatility remains, these moves suggest Bitcoin’s growth is underpinned by structural strength, broader adoption, and favorable macroeconomic conditions rather than mere speculation," said Sehgal.

Altcoins shine

The bullish sentiment extended towards the tokens space as well, as Ethereum (ETH) and other coins were trading with gains on Friday. At last check, Ethereum, which enjoys the position of the second-largest cryptocurrency by market cap, was trading at $4,488, up 2.57 per cent, with intraday price fluctuations between $4,343 and $4,558. Ethereum's trading volume reached $46.8 billion. Despite its recovery, Ethereum remains approximately 10 per cent below its peak of $4,953, scaled on August 25, 2025.

 

Among the other altcoins, PancakeSwap (CAKE) was outperforming others with a rally of 29 per cent. ether.fi (ETHFI), Astar (ASTER), SPX6900 (SPX), BNB (BNB), Story (IP), DeXe (DEXE), Lido DAO (LDO), Aptos (APT), Solana (SOL), Aerodrome Finance (AERO), Optimism (OP), Ethena (ENA), Monero (XMR), Bitcoin Cash (BCH), Raydium (RAY), Ethereum (ETH), Bittensor (TAO), Cronos (CRO), Dogecoin (DOGE), Curve DAO Token (CRV), Uniswap (UNI), Mantle (MNT), XRP (XRP), The Graph (GRT), Hyperliquid (HYPE), Polkadot (DOT), World Liberty Financial (WLFI), VeChain (VET), and Ethereum Name Service (ENS) were other gainers rallying up to 15 per cent.

 

MYX Finance (MYX), on the other hand, saw a massive sell-off and fell over 43 per cent on CoinMarketCap.