Bitcoin News Today: Bitcoin's $165K Ascent: JPMorgan Challenges Gold's $6T Dominance

Bitcoin's recent surge above $119,000 has reignited discussions about the sustainability of the so-called "Uptober" rally, a historically strong period for the cryptocurrency. The price surge, which saw Bitcoin climb 2.1% in 24 hours to intraday highs near $119,453 Bitcoin price surges October 2025: Crypto bulls cheer …^[2], coincides with record gold prices and macroeconomic uncertainty, including a U.S. government shutdown. Analysts attribute the rally to a combination of factors: expectations of Federal Reserve rate cuts, which weaken the U.S. dollar and boost risk-on assets, and growing institutional adoption of Bitcoin through ETFs and futures Bitcoin price surges October 2025: Crypto bulls cheer …^[2]. Large-scale inflows into Bitcoin-focused funds have exceeded $1 billion in recent days, signaling confidence from institutional investors Bitcoin price surges October 2025: Crypto bulls cheer …^[2].

JPMorgan has emerged as a key voice in the debate, arguing that Bitcoin is undervalued relative to gold. The bank's volatility-adjusted analysis suggests Bitcoin's $2.3 trillion market cap should rise by 42%-to $165,000-to align with the $6 trillion invested in gold bars, coins, and ETFs JPMorgan Predicts Bitcoin Price Could Reach $165,000 by Year-End^[3]. This projection reflects narrowing volatility ratios between Bitcoin and gold, which have fallen below 2.0, making Bitcoin a more attractive store of value JPMorgan sees Bitcoin climbing to $165,000 by year-end, citing …^[6]. JPMorgan also highlighted the "debasement trade," a trend where investors shift capital to Bitcoin and gold as hedges against fiat currency devaluation and geopolitical risks Bitcoin Undervalued Compared To Gold, Fair Value At $126,000: …^[4].

Technical indicators further support the bullish narrative. Bitcoin has broken through key resistance levels, including the $117K–$118K zone, with momentum indicators like the RSI approaching overbought territory Bitcoin price surges October 2025: Crypto bulls cheer …^[2]. However, analysts caution that overbought conditions could trigger short-term corrections. Immediate resistance is near $119,500, with a decisive close above $120K potentially opening the door to $122,500 and beyond Bitcoin price surges October 2025: Crypto bulls cheer …^[2]. Conversely, a pullback below $117K could test support at $115.5K, adding complexity to the outlook.

Market sentiment remains overwhelmingly bullish, driven by retail and institutional participation. The "Uptober" phenomenon, historically associated with strong October gains for Bitcoin, has gained renewed traction this year. Positive returns in October have averaged over 50% in the fourth quarter of years like 2015, 2016, and 2024 Bitcoin price surges October 2025: Crypto bulls cheer …^[2]. JPMorgan's revised $165,000 target aligns with this seasonal strength, though it emphasizes that the prediction is a theoretical exercise rather than a certainty JPMorgan sees Bitcoin climbing to $165,000 by year-end, citing …^[6].

Despite the optimism, risks persist. Bitcoin is forming a bearish butterfly harmonic pattern, with potential reversal zones projected near $128K–$130K JPMorgan Predicts Bitcoin Price Could Reach $165,000 by Year-End^[3]. A failure to hold above $128K could trigger a retracement toward $118.5K or deeper supports at $113.5K JPMorgan Predicts Bitcoin Price Could Reach $165,000 by Year-End^[3]. Additionally, the Federal Reserve's policy decisions and broader macroeconomic shifts could influence Bitcoin's trajectory, underscoring the need for caution amid the rally.

The coming days will be critical in determining whether the Uptober momentum continues. Bitcoin's ability to hold key resistance levels and maintain institutional inflows will be key indicators. While JPMorgan's $165,000 target and the historical strength of October provide a bullish framework, market participants must remain vigilant to overbought conditions and potential macroeconomic headwinds.