Bitcoin breaks record high as 'Uptober' expectations are met…"Possibility of surpassing 138,000 dollars"

Bitcoin (BTC), buoyed by the October bullish trend known as 'Uptober', hit an all-time high, and forecasts suggest it could rise as high as 138,000 dollars.

On the 7th (local time), CoinDesk reported that Bitcoin climbed as high as 126,223 dollars during U.S. trading, setting a new record. It briefly broke through 125,000 dollars the previous day and underwent a correction, but rebounded within a day to continue a strong upward trend.

Jean-David Pekigno, Deribit Chief Operating Officer (CCO), explained, "Bitcoin's rise is the result of macroeconomic tailwinds," adding, "A U.S. government shutdown is encouraging a preference for physical assets like gold and Bitcoin, and ETF inflows along with a reduction in exchange spot supply are reinforcing the upward cycle."

He forecasted, "There is also room for further technical upside. The short-term target is 128,000–130,000 dollars, and if the bullishness continues it could rise to as much as 138,000 dollars." However, he added, "Since it has entered an overbought zone, a short-term correction to the 118,000–120,000 dollar range is also possible."