Bitcoin climbed to $123,944 on Friday, its highest level since mid-August, as bullish momentum accelerated across the crypto market. BTC was trading at $122,738 at press time, up 1.56% in the past 24 hours and extending a 12.36% weekly gain, according to CoinMarketCap data. The latest BTC rally comes amid surging ETF inflows, mounting bets on Federal Reserve rate cuts, and favorable technical signals, putting Bitcoin within striking distance of its all-time high of $124,457.
Sygnum Bank Chief Investment Officer, Fabian Dori, argues the breakout reflects more than just short-term catalysts. He points to a confluence of supportive macro conditions, improving market structure, and firmer investor sentiment.
According to Fabian, these dynamics resemble past cycles that have coincided with Bitcoin’s major price milestones, suggesting the latest surge may be laying the groundwork for another all-time high.
Those conditions are now visible in market data. U.S. spot Bitcoin ETFs have absorbed $2.2 billion in net inflows over the past four days, with BlackRock alone accounting for $466 million.
Weak services PMI data has raised expectations of Fed easing, reinforcing Bitcoin’s appeal as a macro hedge. At the same time, BTC dominance at 58.1% shows institutional conviction, while bullish RSI and MACD signals highlight technical strength as Bitcoin edges toward its $124,457 ATH.
“The U.S. government shutdown has renewed discussion around Bitcoin’s store-of-value role, as political dysfunction underscores interest in decentralised assets. At the same time, the broader environment – characterised by loose liquidity conditions, a service-led acceleration in the business cycle, and narrowing underperformance relative to equities and gold – has drawn attention to digital assets,” Fabian mentioned in an analysis shared with AlexaBlockchain.
According to Fabian, market data indicates the current price action may be linked to an accumulation phase. Selling pressure from long-term holders appears to be easing, while short-term investors show signs of stabilisation after a period of realised losses.
“Historically, periods marked by cooling speculative activity and steadier positioning have sometimes preceded significant moves in Bitcoin, though outcomes remain highly variable,” Fabian added.
Fabian noted that a sustained move above $120,000 would likely attract attention as a sentiment marker, potentially shaping momentum across broader digital asset markets.
“Structural drivers – such as ongoing institutional engagement and ETF-linked flows – remain present. At the same time, historical patterns also indicate the current cycle to conclude by end of year, representing a risk factor that could temper the outlook,” said Fabian.
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