The Bitcoin price has reached unprecedented levels, breaking new all-time records. Recently surpassing $126,000, it now stands less than $4,000 away from $130,000. This surge, often referred to as the “Uptober” phenomenon, has garnered significant attention in October. The anticipation of interest rate cuts has further fueled investor optimism.
Bitcoin’s Record-Breaking Momentum
As of the writing of this article, Bitcoin (BTC) has reached $126,199, setting a new record. By the article’s conclusion, it could achieve an even higher peak. Meanwhile, Dogecoin (DOGE) is on track toward $0.28 as expected, and Chainlink (LINK) has reclaimed $23.4. Another positive development for altcoins is Ethereum (ETH) returning above $4,700.
Market Dynamics in Play
The anticipated rise began following the release of PCE data. However, no one expected the ADP jobs report to indicate the worst job market in 4.5 years amidst Federal Reserve (Fed) members’ focus on employment recovery. Consequently, interest rates must decrease. Additionally, Trump anticipates returning billions accrued from tariffs to citizens in $1,000 to $2,000 checks ahead of midterm elections.
We are essentially returning to pre-pandemic conditions, and if the Fed confirms the expected rate cut at the month’s end, the final quarter could be excellent for altcoins. On Friday, approval for a Solana (SOL) coin ETF is anticipated, but SOL has just surpassed $235. If successful, targets are set at $247, $260, and subsequently $296.