Bitcoin Surges 172% in 2023-2024, Eyes $100,000 Milestone

Bitcoin is on the cusp of a significant rally, with recent market indicators suggesting a sustained bullish trend. The cryptocurrency has surpassed critical thresholds, setting the stage for potential new all-time highs. Investors are increasingly optimistic, as accumulation patterns reflect robust market sentiment.

Bitcoin’s Short-term Holder (STH) Cost Basis has crossed a pivotal benchmark at $93,145, a threshold essential for maintaining the current bullish momentum. This level acts as a divider between bullish and bearish sentiment, with key price levels at $131,800 for the upper band and $71,150 for the lower band. Remaining above the mid-range cost basis is crucial for sustained momentum.

Recent data reveals a surge in Bitcoin accumulation, with 20,000 BTC purchased over just 48 hours, amounting to approximately $1.86 billion. Such significant acquisitions usually strengthen Bitcoin’s momentum and reinforce bullish forecasts. This accumulation trend is a strong indicator of market sentiment, suggesting that investors are confident in Bitcoin’s future performance.

Analysis by Alphractal reveals that Bitcoin is currently reflecting patterns observed since 2015, suggesting it remains in the markup phase. This phase often precedes significant price increases as the market prepares for new highs. This analysis suggests that Bitcoin could potentially hit its cycle top between October 12 and 16, projecting a year-long decline afterward, consistent with previous cycles.

The monthly time frame analysis underscores a bullish outlook as Bitcoin reacts off a significant ascending support line established since 2018. A break above the $102,000 resistance level could further confirm this bullish sentiment. Accordingly, if Bitcoin maintains its upward momentum and breaches the defined resistance, it is well-positioned to extend its rally, capturing investor confidence in the longer term.

Bitcoin stands at a crucial junction, with potential bullish momentum reflecting robust market sentiment and significant accumulation. Investors are closely monitoring these developments as the digital asset approaches critical price levels indicative of a notable rally ahead.

Bitcoin has recently demonstrated a significant bullish breakout, surpassing major resistance levels and indicating a resurgence of bullish momentum. This momentum could potentially fuel the next phase of its rally, with market analysts suggesting that this upward trend may continue through mid-October. The cryptocurrency's price rebound in the last trading week saw it reclaim the $95,000 price region, further bolstering the bullish sentiment.

The recent price rally in Bitcoin, observed on October 25, 2023, at 08:00 UTC, suggests a potential breakout above key resistance levels. This rally is supported by various technical indicators and on-chain data, which show strong market interest and increasing demand. The cryptocurrency's performance from October 2023 to March 2024 saw an increase of 172%, and from September 2024 to January 2025, BTC posted a 92% gain. These gains are indicative of a sustained bullish trend, with traders eyeing the $100,000 milestone and a re-test of the all-time high in the coming weeks.

The improved crypto market sentiment this week has been highlighted by several large cryptocurrencies recording double-digit gains. Bitcoin’s rally past the $95,000 resistance is a notable development, with altcoins like Official Trump and Sui outperforming most others. The decoupling of Bitcoin from stock markets and the resurgence of the digital gold narrative have supported this week’s gains. Additionally, the softening stance on tariffs has contributed to the positive market sentiment.

Institutional demand for Bitcoin has also been on the rise, with U.S. Spot Exchange Traded Funds recording the strongest week of inflows in 2025. Institutional investors are pouring capital into Bitcoin Spot ETFs and gearing up for the impending approval of altcoin ETFs. This institutional interest is driven by Bitcoin's properties of inflation resistance and scarcity, making it an attractive asset for sovereign wealth funds, banks, and asset managers.

However, while Bitcoin’s recent gains and return above the $95,000 level are encouraging, on-chain data shows that BTC demand is still contracting, though not as fast as before. CryptoQuant data indicates that momentum from new investors has dropped sharply and hit its lowest level since October 2024. This slowdown in Bitcoin could direct capital to altcoins, paving the way for a rally in meme tokens and alternative cryptocurrencies until BTC demand rises.

In conclusion, the current market momentum suggests that Bitcoin is poised for an upward trend through mid-October. The bullish breakout, supported by technical indicators and on-chain data, indicates strong market interest and increasing demand. However, traders should remain cautious as the contraction in BTC demand could lead to a shift in capital towards altcoins. The overall sentiment remains positive, with institutional demand on the rise and the digital gold narrative making a comeback.