Bitcoin Price Just Missed a Record High: What’s Next?

The bull market is in a strong swing. Bitcoin surged from $120,000 to $123,855, but failed to break past its all-time high of $124,128.

Bitcoin is trading around $122,604, having retreated somewhat from a brief peak, according to CoinGecko data. It’s up 1.3% on the day and over 11% on a weekly basis.

This is the first time Bitcoin has come this close since reaching a record high of $124,128 in mid-August. BitBull Capital CEO Joe DiPasquale said in a statement, “Bitcoin briefly tested record highs but retreated due to profit-taking. The overall outlook remains positive; Bitcoin demand is expected to increase as the prolonged government shutdown drives investors into alternative assets.”

Strah Savinja, Head of Data and Analytics at FRNT Financial, argued that Bitcoin’s safe haven perception is strengthening: “BTC’s appeal is not only more visible, but also more deeply ingrained. This is increasingly evident at a time when trust in traditional institutions is eroding.”

*This is not investment advice.