The cryptocurrency market kicked off the highly anticipated “Uptober” 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 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 “Uptober.”
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.
The primary reason behind Bitcoin’s latest rally is Citi’s 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 Citi’s higher target, U.S. spot Bitcoin ETFs recorded $102.7 million in net inflows on October 1, reversing the previous day’s $148.7 million outflow.
This came after Bitcoin ETFs had recorded a cumulative $3.1 billion inflow streak before the September 30 outflow.
Another major boost came from the Federal Reserve. New York Fed President John Williams said there was “no need for urgency” 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.
Bitcoin’s 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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