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.
