Bitcoin’s price experienced a significant surge shortly after midnight ET on October 5, 2024, reaching a new record high of just over $125,700, according to Coinbase data displayed on TradingView. This increase of 3% on the day marked a clear break from its previous all-time high of approximately $124,500, which was established in August.
As of the latest figures, Bitcoin’s value has risen 10% over the past week, a remarkable 34% year-to-date, and an impressive 102% compared to one year ago.
A contributing factor to this bullish trend may be the recent performance of BlackRock’s IBIT BTC ETF, which has successfully entered the ranks of the top 20 U.S. ETFs by assets under management, surpassing $90 billion for the first time. This achievement positions IBIT as potentially the fastest ETF in history to reach such heights.
The timing of Bitcoin’s price surge coincided with actions by the Federal Reserve, which implemented a 0.25% interest rate cut last month—the first such decrease since December 2024. The market is now abuzz with expectations of further cuts, with the CME’s FedWatch tool indicating a 96% probability of another 0.25% cut in October, and an 86% likelihood of an additional reduction in December.
In light of these developments, analysts at JPMorgan have raised their end-of-year price target for Bitcoin to $165,000. They argue that Bitcoin is on track to mirror gold’s price trajectory as investors pivot towards the so-called “debasement trade” in the dollar.
