Bitcoin Reclaims $86,000 as Citi Raises Target and ETF Inflows Resume
Bitcoin advanced above $86,000 following an upgraded price target from Citi and renewed inflows into spot exchange-traded funds.
Bitcoin traded back above the $86,000 mark after rising more than 2% in 24 hours, briefly reaching $86,150. The broader cryptocurrency market posted a 1.9% increase over the same window. The upward move resulted in $324.68 million in liquidations across roughly 77,543 traders.
The price recovery coincided with Citi raising its 12-month Bitcoin price target from $82,000 to $113,000, pointing to increased network activity, supportive macroeconomic factors, and ETF demand. Simultaneously, U.S. spot Bitcoin ETFs registered $102.7 million in net inflows on October 1, recovering from $148.7 million in outflows on September 30.
Macroeconomic indicators also shifted after New York Federal Reserve President John Williams stated there was no urgency to raise interest rates further. CME FedWatch data subsequently indicated that the implied probability of an October Federal Reserve rate hike dropped to approximately 44%.
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