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Bitcoin is targeting $100,000 as ETF inflows increase, expectations of a Federal Reserve rate hike decline, and a golden cross technical pattern forms. MSTR is the closest listed Bitcoin-linked ticker.
The article
Bitcoin Price Targets $100,000 as ETF Inflows, Technicals and Fed Catalysts Emerge Bitcoin (CRYPTO: BTC) price has stalled in the past few days, but several catalysts suggest that a surge to $100,000 is possible. BTC was trading at $84,550, a few points below the September high of $87,300. Bitcoin Price Benefiting From ETF Inflows and Potential Fed Pause BTC and other cryptocurrencies are benefiting from the renewed demand among retail and institutional investors. In a statement this week, Citigroup (NYSE:C) boosted its forecast for Bitcoin to $113,000, joining Standard Chartered, Bitwise and Fundstrat in delivering bullish outlooks. Citigroup argued that institutional investors will start allocating cash into alternative assets, which will boost its demand. Data shows that retail and institutional investors are allocating cash to Bitcoin. Spot Bitcoin ETFs attracted more than $2.6 billion in net inflows in September, following $3.5 billion in August. Led by BlackRock’s IBIT, these funds have taken in over $6 billion across the past three months, lifting net inflows since January to above $1 billion. Read Also: SCHD ETF Falls to a Crucial Level as Bottoming Signs Emerge IBIT now holds nearly $70 billion in assets, while Fidelity’s FBTC holds $15.3 billion. The surge in Bitcoin ETF demand began in July, as momentum in the AI boom started to fade. Additionally, Michael Saylor’s Strategy (NASDAQ:MSTR) has restarted its Bitcoin purchases. It bought 1,665 coins last week, bringing its total holdings to 847,666. Bitcoin may also benefit from actions by the Federal Reserve. A report released this week showed that the headline and core personal consumption expenditure (PCE) rose at a lower pace than expected in August. Another report revealed that nonfarm payrolls rose by just 29,000 last month as the unemployment rate rose to 4.2%. These numbers mean that the Fed will not be in a hurry to hike interest rates again this year. BTC Price Technicals Suggest a Surge to $100k is Possible Bitcoin price chart | Source: TradingView The daily chart shows that Bitcoin has formed some highly bullish technicals. It recently jumped above the key support level of $82,758, its highest swing in May this year. This price action confirmed a break-and-retest pattern, which is a common continuation sign. Bitcoin also formed a golden cross pattern on September 11 as the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other. This pattern normally confirms that an asset is gaining momentum. BTC has also formed a bullish flag pattern, which is made up of a vertical line and a horizontal channel. Therefore, a breakout above the upper side of the flag will point to more gains towards $90,000, followed by the psychological level of $100,000. Read Also: AppLovin Stock Stays Stuck in a Bear Market Despite Strong Growth Forecasts Image: Shutterstock