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A more favorable backdrop has emerged for BTC as the likelihood of a Federal Reserve rate hike has fallen, but stronger institutional inflows are still needed for the asset to climb to $90,000-$93,000, Bitget Wallet head of research Lacy Zhang said, according to Crypto Briefing.
Zhang said the probability of an October rate hike fell from 51% a week earlier to around 19% on Oct. 6, citing U.S. local time, after September nonfarm payroll growth came in at just 29,000. Zhang added that further declines in U.S. Treasury yields and inflation pressure could support Bitcoin. Even so, current ETF demand alone is not enough to ensure a breakout to $90,000-$93,000, Zhang said, pointing to Bitcoin’s repeated inability to hold above $87,000. Institutional money is entering the market, Zhang said, but profit-taking and existing sell-side supply are absorbing those flows and capping price gains. To confirm whether BTC can extend its rally above $90,000, concerns over rate hikes need to keep easing alongside sustained net institutional inflows, Zhang added.