Bitcoin Price Analysis: BTC Eyes $130,000 After Surging Past $126,000
Bitcoin (BTC) set another all-time high on Monday, barely a day after it broke above the $125,000 ceiling. The flagship cryptocurrency surged past $126,000 to $126,296 before settling at $124,720. BTC is down over 1% during the ongoing session, trading around $123,369.
Meanwhile, spot Bitcoin ETFs registered $1.18 billion in inflows on Monday, the second-largest daily inflows since launch and the highest since November 2024.
Bitcoin (BTC) Could Be Worth Half As Much As Gold By Next Halving
Analysts believe Bitcoin (BTC) could be worth half as much as gold by its next halving, set for 2028. According to analysts, the recent rise in gold prices would price the asset at around $644,000 in equivalent value. Mathew Sigel, head of digital asset research at VanEck, stated,
“We’ve been saying Bitcoin should reach half of gold’s market cap after the next halving. Roughly half of gold’s value reflects its use as a store of value rather than industrial or jewelry demand, and surveys show younger consumers in emerging markets increasingly prefer Bitcoin for that role. At today’s record gold price, that implies an equivalent value of $644,000 per BTC.”
Meanwhile, gold futures reached over $4,000 per ounce as traders pivoted to the asset, which has long been viewed as a safe haven. According to Sigel, gold’s record price implies an equivalent value of $644,000 per Bitcoin. Sigel also stated that young investors prefer Bitcoin as a store of value, while traditional investors still prefer gold.
“Roughly half of gold’s value reflects its use as a store of value rather than industrial or jewelry demand, and surveys show younger consumers in emerging markets increasingly prefer Bitcoin for that role.”
Bitcoin Reserve Funding Could Start Soon: Senator Lummis
Senator Cynthia Lummis has stated that acquiring funds for a US strategic Bitcoin reserve could begin anytime, even though legislative red tape has created hindrances. Lummis said that while it remained a “slog” on the legislative side of things, the acquisition of funds for the Bitcoin reserve could begin at any time, thanks to President Trump.
“This is a fabulous articulation of why the SBR and passing the BITCOIN Act make so much sense. Legislating is a slog, and we continue to work toward passage, but thanks to President Trump, the acquisition of funds for an SBR can start anytime.”
Lummis was responding to a post by ProCap BTC CIO Jeff Park, who posted a clip of himself and Anthony Pompliano discussing a strategic Bitcoin reserve. Park was discussing the implications if the government used its $1 trillion worth of paper gains from gold and reinvested it into BTC. Park argued that with the government’s staggering fiscal debt, utilizing $1 trillion in paper gains was a relatively minor risk.
Bitcoin (BTC) Price Analysis
U.S. spot Bitcoin ETFs posted their second-biggest day of inflows in history as BTC soared past $126,000 on Monday. The ETFs registered a cumulative $1.18 billion in net inflows on Monday, second only to November 7, 2024, when they registered $1.37 billion after Donald Trump won the US presidential election. The jump in inflows coincides with BTC’s new all-time high of $126,296 on Monday. Spot Bitcoin ETFs have registered around $60 billion since their launch. The surging demand for spot Bitcoin ETFs highlights the influence of institutional investors in the bull market.
As expected, BlackRock’s IBIT leads inflows, accounting for a staggering $967 million of inflows on Monday. IBIT has registered over $2.6 billion in net inflows since October. Fidelity’s Fidelity Wise Origin Bitcoin Fund (FBTC) registered $112 million in inflows, while Bitwise Bitcoin ETF (BITB) saw $60 million in inflows. The Grayscale Bitcoin Mini Trust registered $30 million, while Invesco, WisdomTree, and Franklin Templeton registered marginal inflows.
BTC soared to a new all-time high late on Monday, breaking above $126,000 and reaching $126,296 before settling at $124,720. The rally was driven by the US government shutdown, growing institutional interest, and surging ETF inflows. ‘Uptober’ optimism has also boosted investor sentiment, with BTC up over 10% over the past seven days.
Joel Kruger, analyst at LMAX Group, noted last month that BTC could get a seasonality boost in October because it has been one of BTC’s best-performing months. The flagship cryptocurrency has averaged a 22% increase in October since 2013. November has registered even bigger gains, averaging 46% in the same period. Edul Patel, co-founder and CEO of Mudrex, stated,
“Bitcoin continues its momentum, creating a fresh all-time high of $126,198. The broader market is also showing similar strength, with Ethereum reclaiming the $4,700 mark and BNB hitting an all-time high above $1,200. While institutional inflows continue at record levels, macro cues take center stage as markets anticipate supportive signals from the Fed. A dovish tone in the September FOMC minutes and softer US jobless claims could extend Bitcoin’s rally towards $129,000.”
BTC started the previous weekend with a marginal drop on Saturday before rising over 2% on Sunday and settling at $112,197. Buyers retained control on Monday as the price rose almost 2% to cross $114,000 and settle at $114,365. Despite the positive sentiment, BTC fell to a low of $112,695 on Tuesday. However, it recovered from this level to settle at $114,067, ultimately registering a marginal decline. Bullish sentiment returned on Wednesday as BTC rallied, rising over 4% to cross $118,000 and settle at $118,659. Buyers retained control on Thursday as the price rose 1.65% to reclaim $120,000 and settle at $120,621.
Source: TradingView
Bullish sentiment persisted on Friday despite volatility and selling pressure. As a result, BTC reached an intraday high of $123,996 before settling at $122,318. Buyers retained control on Saturday as the price registered a marginal increase and settled at $122,458. Bullish sentiment intensified on Saturday as BTC rallied, surging past $125,000 to a new all-time high of $125,559. However, it could not stay at this level and ultimately settled at $123,520. BTC surged to a new all-time high on Monday, crossing $126,000 to reach $126,296 before settling at $124,720. Selling pressure has intensified during the ongoing session, with BTC down nearly 2%, trading around $122,399.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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