Bitcoin Bulls Eyeing $100K as Inflation Data Fuels Q4 Optimism

Bitcoin's recent price recovery has sparked renewed optimism among investors, with Matt Mena, senior crypto research strategist at 21Shares, predicting a potentially explosive fourth quarter. The latest inflation data from the Bureau of Labor Statistics showed wholesale prices rising 0.4% in August, matching monthly expectations and leaving Bitcoin near its $77,000 support level.

Mena noted that markets had largely anticipated the result amid rising oil prices, but characterized the overall PPI reading as slightly hotter than expected. He suggested that a move above the resistance zone is increasingly plausible, with the setup for a run toward the $82,000 zone by month-end strengthening.

The immediate price reaction kept Bitcoin near the $80,000 level, and Mena cautioned that it could briefly revisit $75,000. However, he viewed a recovery above $80,000 as increasingly plausible, citing institutional demand as a key driver of the bullish outlook.

ETF inflows have been significant, with U.S. spot crypto ETFs attracting $1.24 billion during the week ended September 4. Bitcoin ETF inflows for the first six September trading sessions totaled approximately $603.3 million, and Mena tied this to BTC's chances of climbing back above $80,000.

Altcoin strength has also added fuel to Mena's conviction that investors are becoming more willing to take risks. He cited Hyperliquid's move near $90 and Ethereum's three-week outperformance against Bitcoin as signals that capital could be rotating toward altcoins after BTC established support.