Bitcoin has been on a strong rise since the beginning of October, confirming the phrase “up-to-bar,” which is frequently used by cryptocurrency investors.
As of today, Bitcoin is over $123,000, the highest hundred dollars ever recorded in mid-August. BTC has risen for the past five days.
Despite the market volatility caused by the US government shutdown, Bitcoin’s steady appreciation was driven by a report released by JPMorgan analysts. The report predicted that Bitcoin could reach $165,000 by the end of the year. Analysts argued that Bitcoin stands out as a hedge against the devaluation of Fiat currency.
Cryptographers have long argued that the decentralized nature of Bitcoin can provide a safe haven in an era of government-led uncertainty. The recent interest of investors in Bitcoin, particularly in the face of the threat of new tariffs, supports this debate. JP Morgan says Bitcoin is still “undervalued” compared to traditional hedges like gold.
Bitcoin rally comes with other cryptocurrencies, and over the past week, Ethereum has risen nearly 9% to $4,500.
But not everyone is as optimistic as JPMorgan. Alex Blume, CEO of investment advisory firm Two Prime, described the rise as a “vulnerable rally.” Blume said the increase could be due to expected market movements in the final quarter of the year, adding that an increase in money supply, coupled with the Fed’s interest rate cuts, will bring a clear advantage to Bitcoin.
*This is not investment advice.
