TLDR
- Bitcoin price hit $119,450 on October 2, marking a seven-week high
- CryptoQuant predicts Bitcoin could reach $160,000-$200,000 by end of 2025
- Monthly Bitcoin demand has grown by over 62,000 BTC since July
- Federal Reserve rate cut probability stands at 99% for October meeting
- Whale holdings expanding at 331,000 BTC annually, supporting bullish outlook
Bitcoin price climbed 4% in 24 hours to reach $119,450 during October 2 trading sessions. The leading cryptocurrency hit its highest level since August 14, breaking through the $117,500 resistance point.

The Bitcoin price rally pushed total cryptocurrency market capitalization up 3.5% to $4.16 trillion. Bitcoin’s individual market cap now stands at $2.37 trillion, exceeding Amazon’s valuation.
October has proven to be Bitcoin’s strongest performing month historically. Data from CoinGlass shows the cryptocurrency posted gains in 10 of the last 12 October periods.

Federal Reserve Rate Cuts Drive Bitcoin Price Higher
Recent US labor market data revealed marginal increases in August job openings while hiring numbers declined. The Bureau of Labor Statistics data release strengthened expectations for additional Federal Reserve interest rate reductions.
CME futures markets now indicate a 99% probability of a 0.25% rate cut at the upcoming October 29 Federal Reserve meeting. This represents an increase from the 96.2% probability recorded on Monday.
Tony Sycamore from IG noted the weak employment reports suggest unemployment could rise from 4.3% to 4.4% in September. Rate cuts typically benefit high-risk assets like cryptocurrencies.
Bitcoin Price Could Hit $200,000 This Quarter
CryptoQuant released analysis projecting Bitcoin price could reach between $160,000 and $200,000 by the end of Q4 2025. The analytics firm cited favorable conditions for a continued price rally.
Bitcoin spot demand has been rising since July 2025. Apparent demand growth exceeds 62,000 BTC monthly according to CryptoQuant data.
These demand patterns mirror conditions observed before previous fourth quarter rallies in 2020, 2021, and 2024. Whale holders are accumulating Bitcoin at an annual rate of 331,000 BTC.
This accumulation rate surpasses the 255,000 BTC rate from Q4 2024 and the 238,000 BTC rate from Q4 2020. US-listed Bitcoin ETFs purchased 213,000 BTC during Q4 2024, marking a 71% increase from the prior quarter.
Source: TradingViewBitcoin price broke above the trader’s on-chain realized price level of $116,000. CryptoQuant identifies this threshold as the entry point into the bull phase.
The CryptoQuant bitcoin bull score index registered 40-50 in late September. These readings matched levels from Q3 2024, before Bitcoin rallied from $70,000 to $100,000.
Growing Bitcoin demand, expanding stablecoin liquidity, and reduced unrealized trader gains support the bullish index readings. Lower unrealized gains indicate decreased selling pressure in the market.
Multiple Firms Project $200,000 Bitcoin Price Target
Standard Chartered Bank, Bitwise, and Fundstrat’s Tom Lee have issued Bitcoin price forecasts reaching $200,000 by year end. Standard Chartered’s longer-term projection suggests Bitcoin could hit $500,000 by 2028.
Ethereum price also gained over 5% to reach $4,390, its highest level since September 22. Other altcoins including Solana, Dogecoin, Cardano, Chainlink and Hyperliquid rose more than 6% during the same trading period.
Bitcoin price retreated slightly to $118,947 after touching the seven-week high of $119,450.