Bitcoin recently surpassed the $120,000 threshold, approaching its all-time high, with increasing bullish expectations for October. The Bull Theory team suggests that there is room for prices to reach as high as $143,000 during the month. This projection indicates a potential 20% rise for the remainder of the month, supported by both historical data and current technical signals, suggesting that record levels could be tested in the near future.
Historical Data Supports the Surge
According to CoinGlass, October has closed positively in 10 of the past 12 years, holding a strong place in investors’ minds with an average return of 20.62%. Negative closings occurred only in 2014 with a -12.95% drop and in 2018 with a -3.83% drop. In years where September closed positively, October has tended to follow suit. For instance, after a 2.35% rise in September 2015, October saw a 33.49% increase; similarly, a 3.91% climb in September 2023 was followed by a 28.52% rise in October.
Repeating the historical September-October returns could push Bitcoin’s price to $143,539. Even in a scenario with an average return of 14.71%, it is possible to see new records around $136,000.
The $150,000 Scenario for Bitcoin
Market expert Michael van de Poppe emphasized the significance of maintaining the 20-week moving average as support, breaking past the declining trend around $112,000, and preparing for the highest weekly closing in history as bullish indicators. The nearly 11% strong candle momentum last week was noted as a confirming factor, with precious metals rallies providing a supportive environment for risk appetite through correlation channels.
Van de Poppe pointed out that if the current momentum is maintained, the price could reach the $150,000 target within the fourth quarter. The likelihood of breaking records within the month is reinforced by the intersection of seasonality and technical breakouts, while increased volatility is expected post‑new peaks. Short‑term indicators to watch for direction include weekly closings and price behavior around the 20‑week moving average.