Bitcoin Enters 'Uptober' with Price Swing Above $85K
Bitcoin's price started September on a high note, reaching near $85,000 as the market entered 'Uptober', a historically bullish period for digital assets. The cryptocurrency began to fluctuate wildly after better-than-expected personal consumption expenditures data was released on Wednesday. This volatility continued into Thursday, with Bitcoin's price hovering around $84,300 before plummeting to just above $83,200.
However, the market soon rebounded, and Bitcoin's price steadily rose, reclaiming and losing $84,000 several times during another volatile period. At 1:45 p.m. EST, Bitcoin's price hovered near $85,000, showing a 1% gain over the past 24 hours amid a sharp decline in liquidations across the crypto market.
Citigroup has revised its 12-month price target for Bitcoin to $113,000 from $82,000, citing accelerating crypto market activity and a favorable macroeconomic environment. Prominent quantitative analyst PlanB also asserts that Bitcoin remains 'extremely undervalued', adding to the growing bullish sentiment across the market.