Bitcoin climbed to within close sight of new record high above $124,500, capping off a five-day rally that marks one of its strongest starts to October on record.

Trading well below $110,000 last weekend, the crypto has climbed nearly 15% this week, including about 3% over the past 24 hours to the current $123,300.

October has historically been a strong month for bitcoin, and this year appears to be no different as bullish sentiment returned in force heading into the fourth quarter.

From July through September, bitcoin’s price largely stalled, trading in a narrow range and underperforming stocks and gold, which seemingly hit new records on a daily basis.

But momentum has shifted.

“This moment is different from previous ones,” said economist Noelle Acheson, author of the Crypto is Macr

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