Bitcoin Rises as Citigroup Hikes BTC Target Price by 38%
Bitcoin (BTC) price rose 1.24% in 24 hours to $84,776.95, slightly outperforming a broadly positive market, driven primarily by a major bank’s bullish price target upgrade.
Citigroup raised its 12-month Bitcoin price target to $113,000 from $82,000, citing renewed ETF inflows and supportive macro conditions. On October 1, Citigroup analyst Alex Saunders raised the bank’s base-case Bitcoin price target by 38% to $113,000.
The upgrade cited a reversal in U.S. spot Bitcoin ETF flows, “debasement fears,” and a supportive macro backdrop, providing a fresh institutional validation that boosted sentiment.
Crypto analysts said a major Wall Street bank signalling confidence can attract incremental buyer interest, especially after Bitcoin’s strong Q3 performance.
The move aligns with a broader market uptick (+0.87% in total crypto cap). Sentiment improved as the latest PCE inflation data came in softer than expected, causing traders to reduce bets on an aggressive Fed rate hike path.
Bitcoin’s short-term direction remains sensitive to macro data, and cooling inflation fears provided a tailwind.
Traders guide investors to track September U.S. jobs report on October 2, which could recalibrate rate expectations.
Bitcoin faces immediate resistance near its recent swing high of $85,600. Holding above the $84,366 level could fuel a move toward $87,124.
The key near-term trigger is the jobs report; a hot print could reverse recent dovish sentiment and put downward pressure on prices.
The bullish structure remains intact, but the market is consolidating within a defined range after a strong quarterly rally. A decisive daily close above $85,600 would signal readiness for the next leg higher.
Bitcoin’s gain is supported by a potent mix of institutional endorsement and a favourable macro shift, though it faces a technical battle at overhead supply. Bitcoin Price Inches Higher on Record Interest in Risk Asset
