Bitcoin jumped more than 2.2% to trade at around $86,150, kicking off the Uptober round that the market had been hoping for, with the price briefly touching $86,150 before holding above $85,000. The broader crypto market gained 1.9%. The main driver came from Citi, which raised its 12-month Bitcoin price target from $82,000 to $113,000, citing stronger crypto activity, a supportive macroeconomic environment, and returning ETF demand. Meanwhile, U.S. spot Bitcoin ETFs recorded net inflows of $102.7 million on October 1, reversing outflows of $148.7 million the previous day, after an earlier streak of cumulative inflows totaling $3.1 billion before outflows hit on September 30. New York Fed President John Williams said there was no urgent need to raise interest rates again, prompting CME FedWatch data to show the odds of a rate hike in October falling to about 44%. The rally also liquidated roughly 77,543 traders over 24 hours, with total liquidations of $324.68 million. Traders are watching whether the price can break through the recent swing high of $86,837.30; a sustained hold above that level could open the way to $87,000, $95,000, and $100,000, but a drop below $85,000 could send it back down to the $83,000 zone.
Citigroup Inc.Citi raised its 12-month Bitcoin price target from $82,000 to $113,000, an analyst valuation call that is the article's main driver.
BitcoinBitcoin jumped over 2.2% to ~$86,150 after Citi's raised price target, supportive macro, and returning ETF inflows.
