Bitcoin’s strong start to October pushed it past $121,000, with JPMorgan analysts saying it could climb as high as $165,000 by year-end.
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Posted October 3, 2025 at 9:51 am EST.
Bitcoin surged past the $121,000 mark on Thursday, marking a strong start to October – a month that has historically resulted in positive price action for the asset, earning it the nickname “Uptober.”
Ether also posted a three-week high north of $4,500, leading major altcoins higher over the last 24 hours.
Barring 2018 and 2014, bitcoin has ended higher in 10 of the last 12 years, posting the best performance in October 2013 where the asset gained 54.85%.
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In a note to clients on Wednesday, JPMorgan analysts estimated that bitcoin could hit a high of $165,000 by the end of the year, saying the digital asset was undervalued compared to gold.
“The steep rise in the gold price over the past month has made bitcoin more attractive to investors relative to gold, especially as the bitcoin to gold volatility ratio keeps drifting lower to below 2.0,” said JPMorgan analyst Nikolaos Panigirtzoglou.
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