21Shares strategist expects Bitcoin may rise toward $90,000, with $85,000 acting as resistance

Odaily News: Matt Mena, Senior Crypto Research Strategist at crypto investment product issuer 21Shares, said Bitcoin could reclaim $85,000 after macroeconomic uncertainty subsides and potentially climb further toward $90,000. If it pulls back, the price could still fall to around $81,000.

The U.S. Producer Price Index (PPI) is scheduled for release on October 15, and the Federal Open Market Committee (FOMC) meeting is set for October 27-28. Mena believes that Bitcoin's drop below $85,000 last week has already priced in some of the downside risk from higher inflation data, and it may test the $85,000 resistance level again after subsequent macroeconomic data is released.

September's core Consumer Price Index (CPI) rose 0.3% month-over-month and 2.6% year-over-year, exceeding economists' month-over-month expectation of 0.2%. Since 2023, in the 7 days following core CPI coming in above expectations, Bitcoin has risen an average of 1.21%; Mena expects ETH to consolidate near $2,500 in the short term before attempting to rise to $2,800 to $3,000, while SOL's potential target by the end of this quarter is $130. (Bitcoin.com News)