Bitcoin Nears Record High at $124,500 After Weeklong Rally
- Bitcoin's price reached near-record highs, approaching $124,500 after a five-day rally.
- The cryptocurrency increased by nearly 15% this week, currently trading at $123,300.
- Historically, October has been favorable for Bitcoin, with renewed bullish sentiment in the fourth quarter.
- From July to September, Bitcoin's price was stagnant, lagging behind stocks and gold.
- Economist Noelle Acheson highlighted strong institutional participation and global macroeconomic factors as key drivers of the current cycle.
- Global fiat currency debasement and geopolitical uncertainty are prompting a shift towards hard assets like Bitcoin.
- Acheson noted that this rally might be supported by structural changes rather than mere speculative enthusiasm, potentially sustaining growth.
- The growing pool of investors is likely to boost this new momentum wave.
