Citi Lifts Bitcoin Forecast to $113,000 as Fed Pause Bets Build

Yahoo Finance··US·Read original
3▲3 ▼0Impact / 5
Summary · why it matters

Citi analyst Alex Saunders raised his base-case price forecast for bitcoin to $113,000 from $82,000. The token hovered near $85,000 on Friday as bond yields briefly eased and seasonal trends turned supportive, with ether also rising as strategists pointed to signs of a bullish trend for cryptocurrencies. Fundstrat head of digital assets Sean Farrell said seasonality is becoming a tailwind, noting October has historically been crypto's strongest month with around an 80% win rate, and that the setup shifted in a bullish direction over the past couple of days. Federal Reserve rhetoric has become somewhat more measured, and a weak jobs report has reduced expectations for further rate hikes, with more than 75% of market participants now expecting policymakers to hold rates steady at their October meeting. Farrell cautioned that continued stress in sovereign bonds and credit could lead to a short-term drawdown in crypto, but said the more stress priced in without breaking bitcoin, the better the forward risk/reward becomes, and pointed to a recent decline in 2-year real yields that could support the token by reducing the appeal of short-term government debt.

Impact on assets 3

Digital Finance & Tokenization▲ · 1 stocks
Citigroup Inc.
C
▲ PositiveCapitalrelevance

Citi analyst Alex Saunders raised his base-case bitcoin price forecast to $113,000 from $82,000.

Others▲ · 2 stocks
Bitcoin
BTC-USD
▲ PositiveMonetaryrelevance

Citi lifted its bitcoin forecast to $113,000 as weak jobs data and measured Fed rhetoric cut rate-hike expectations, easing yields.

Ethereum
ETH-USD
▲ PositiveMonetaryrelevance

Ether rose alongside bitcoin as strategists pointed to a bullish crypto trend amid easing yields and Fed pause bets.

Off-coverage companies 1

Fundstrat Global AdvisorsPrivate± Mixed
relevance

Fundstrat's Sean Farrell is quoted on crypto seasonality and risk/reward, but the firm is only a commentary source, not a subject of the news.

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