Bitcoin could see more upside in the coming weeks after hitting a new all-time high on Sunday, according to market analysts.
“Now that we’ve made new ATHs in an impulsive manner, the next leg to $150K+ has begun,” said crypto analyst CrediBULL Crypto on Sunday, after Bitcoin (BTC) surged to a record $125,700.
The analyst predicted that Bitcoin will “blast through” its current level, potentially setting a new high this week, though noted a possible short-term pullback to the $108,000–$118,000 range.
“Dips into that zone of $108 to $118k are a blessing if we get them – and if not, well then enjoy the ride to $150k+”
Long-term crypto trader Crypto Chase shared a similar outlook on Sunday, saying that “a new leg up seems likely.” If Bitcoin maintains its strength, “the pullbacks will be minor at best,” they added.
Hyperliquid whale trader James Wynn also expressed optimism, stating, “I feel like BTC is about to see another ATH within hours.” He added, “I believe price discovery mode has begun. It’s taken a while due to price suppression, with gold and stocks drawing much of the spotlight.”
Meanwhile, Bitcoin recorded its highest-ever weekly close at $123,543, according to data from TradingView.
Several factors have contributed to Bitcoin’s 11% surge over the past week, with the ongoing U.S. government shutdown—beginning on Oct. 1—seen as a key driver.
“We believe that due to the U.S. government shutdown and other monetary pressures, investors may be viewing Bitcoin as a safe haven, offering a way to diversify away from the U.S. dollar and Treasurys,” said Jeff Mei, chief operating officer at the BTSE exchange, in a statement to Cointelegraph.
Mei added that the U.S. dollar is weakening and could depreciate further if interest rates continue to fall. “It only makes sense that investors are allocating more capital into alternative assets such as other currencies and Bitcoin,” he noted.
Bitcoin’s latest record high coincides with one of the worst stretches for the U.S. dollar in decades. The U.S. Dollar Index, which measures the greenback against a basket of major currencies, has dropped more than 12% since the start of the year.
ATH driven by ETF inflows
Venture capital investor Will Clemente attributed Bitcoin’s latest surge not to digital asset treasuries or derivatives activity, but to strong demand from spot exchange-traded funds (ETFs), which he said were “viewing BTC as a rotation from commodities and small caps.”
Spot Bitcoin ETFs in the U.S. saw massive inflows last week, totaling $3.2 billion — their second-best week since launch, according to Nate Geraci, president of The ETF Store.
Bullish seasonality adds momentum
These factors, combined with Bitcoin’s historically strong seasonal performance — with gains in 8 of the past 12 fourth quarters and 10 of the past 12 Octobers — could pave the way for another rally this month.
“It’s incredibly strong to see BTC jump from $110K to $125K within a week,” said crypto analyst and YouTuber Michaël van de Poppe on Sunday.
Last week, Charles Edwards, founder of Capriole Investments, forecast that Bitcoin’s breakout above $120,000 would trigger a “very quick move” toward the $150,000 mark.
