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Bitcoin rises over 2% to reclaim $86,000 as October begins with renewed market strength.
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Citi raises its 12-month Bitcoin price target from $82,000 to $113,000 amid improving conditions.
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October Fed rate hike odds fall to 44% after Williams signals no urgency for tightening.
The cryptocurrency market kicked off the highly anticipated âUptoberâ cycle with strong upward momentum today, as Bitcoin (BTC) jumped over 2.2% to trade around $86,150.
The rally follows a $3 trillion bank raising its Bitcoin price target and spot ETF inflows turning positive again.
Bitcoin Reclaims $86K as Uptober Begins
Bitcoin is up around 2% to $85,956.77, slightly ahead of the broader crypto market, which gained 1.9%. BTC also briefly touched $86,150 as buyers pushed the price back above the key $85,000 level.
The move comes as Bitcoin enters October, a month that has often been strong for BTC. Bitcoin has closed higher in 10 of the past 13 Octobers, with an average gain of 18.71%. This has added to the bullish mood around the start of âUptober.â
The rally also triggered liquidations across the market. Around 77,543 traders were liquidated in the past 24 hours, with total liquidations reaching $324.68 million.
Citi Forecast Leads Bitcoin Rally
The primary reason behind Bitcoinâs latest rally is Citiâs new bullish price forecast. The bank raised its 12-month Bitcoin price target from $82,000 to $113,000, citing stronger crypto activity, supportive macro conditions, and renewed ETF demand.
The forecast has added fresh confidence among investors as Bitcoin starts October on a stronger note.
Along with Citiâs higher target, U.S. spot Bitcoin ETFs recorded $102.7 million in net inflows on October 1, reversing the previous dayâs $148.7 million outflow.
This came after Bitcoin ETFs had recorded a cumulative $3.1 billion inflow streak before the September 30 outflow.
Fed Rate Hike Odds Fall to 44%
Another major boost came from the Federal Reserve. New York Fed President John Williams said there was âno need for urgencyâ to raise interest rates again.
Following his comments, CME FedWatch data showed October rate hike odds falling to around 44%. Lower expectations for another immediate rate increase can reduce pressure on risk assets such as Bitcoin.
This has added another layer of support to the October rally.
$86,837 Becomes the Next Bitcoin Test
Bitcoinâs latest rally has pushed the price back toward the upper end of the range that has held since the move from $79,500. With BTC now above $85,957, traders are watching whether it can break the recent swing high of $86,837.30.
A sustained break above $86,837 could open the way toward $87,000, followed by $95,000 and $100,000. However, BTC needs to clear this recent high to confirm stronger upside momentum.
On the downside, losing $85,000 could send Bitcoin back toward the 83,000 area.
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