Bitcoin climbed to within close sight of new record high above $124,500, capping off a five-day rally that marks one of its strongest starts to October on record.

Trading well below $110,000 last weekend, the crypto has climbed nearly 15% this week, including about 3% over the past 24 hours to the current $123,300.

October has historically been a strong month for bitcoin, and this year appears to be no different as bullish sentiment returned in force heading into the fourth quarter.

From July through September, bitcoin’s price largely stalled, trading in a narrow range and underperforming stocks and gold, which seemingly hit new records on a daily basis.

But momentum has shifted.

“This moment is different from previous ones,” said economist Noelle Acheson, author of the Crypto is Macro Now newsletter. In a post on X, Acheson pointed to a mix of strong institutional participation and broader macroeconomic drivers as new forces shaping this cycle.

“In previous cycles we didn’t have this level of sustained global debasement,” she said, referencing the erosion of fiat currency value across major economies. Alongside that, she noted growing geopolitical uncertainty is encouraging a “gradual pivot away from the U.S. dollar towards global, hard assets,” with bitcoin positioned as a key beneficiary.

While speculative enthusiasm is often part of crypto rallies, Acheson suggested this surge is being driven by deeper structural shifts — and could have staying power. This would be notably different from recent records in July and again in August, both of which were met violent selloffs.

“FOMO is a strong force in the crypto asset world,” she said. “What looks like the beginning of a new momentum wave will be driven by factors new and old. And it will be boosted by a larger potential pool of investors.”

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