The price of Bitcoin (BTC) rose to a seven-week peak of $119,400 on October 2, as a wider crypto market revival added approximately $165 billion to the sector’s total value in a single day.
This upward movement, which saw BTC break through key resistance levels, lines up with a technical analysis framework that places $130,000 as a realistic short‑term target for the asset should current dynamics hold.
Analyst Eyes Technical Setup as October Rally Strengthens
After a period of consolidation below $110,000 in late September, Bitcoin began a steady climb, first reclaiming the $112,500 level and then pushing past a critical resistance zone near $116,500 on October 1.
This breakout went up a notch during early Asian trading on October 2, taking BTC to its highest point since mid‑August. The move caused about $475 million in short positions to be sold off, showing just how quickly market sentiment can change.
Analysts are now looking at this price movement in light of a positive technical picture. According to market watcher Axel Adler Jr., Bitcoin’s current dynamics place it comfortably within the “STH‑MVRV pricing corridor,” a metric that tracks the average profitability of short‑term holders.
In the past, the upper limit of this band, which is currently around $130,000, has acted as a zone where traders tend to take their profits more often. In Adler’s opinion, given how the BTC price has held firmly above its average realized level since the start of 2024, there’s every likelihood for sustained underlying demand, which would support the case for additional gains.
“Bitcoin is currently in a state of equilibrium within the established volatility corridor,” the analyst wrote. “Short‑term drops below the baseline are quickly bought up, and the market structure remains healthy. If current dynamics persist, a move toward $130K appears realistic.”
Market Context and Historical Tailwinds
The BTC rally has come against a backdrop of renewed risk appetite across financial markets and follows mixed U.S. labor data that has investors anticipating another potential interest‑rate cut.
Data from CoinGecko shows that in the last 24 hours, the cryptocurrency gained 3.7 % while trading between $114,442 and $119,400. Over seven days, it went up 6.2 %, even though it is slightly trailing the broader crypto market, which jumped nearly 9 % in the same period.
Furthermore, BTC has added 7.7 % to its value in the past month to keep it within striking distance of its all‑time high above $124,000 set about two months ago.
The final quarter of the year has in the past been a good period for Bitcoin, and October, in particular, has a strong track record, with data showing that the asset has closed this month in positive territory in 10 of the last 12 years. The community is closely watching to see if this seasonal trend continues, and if it can give BTC enough impetus to hit Adler’s target.