BTC needs stronger institutional inflows to reach 90000-93000

BTC requires stronger institutional inflows to climb to 90000-93000, according to Bitget Wallet head of research Lacy Zhang. The likelihood of a Federal Reserve rate hike has decreased from 51% to around 19% as of October 6, following a September nonfarm payroll growth of just 29000. Zhang noted that further declines in U.S. Treasury yields and inflation pressure could support Bitcoin. However, current ETF demand is insufficient for a breakout above 90000-93000, as Bitcoin has struggled to maintain levels above 87000. While institutional money is entering the market, profit-taking and existing sell-side supply are limiting price gains. To determine if BTC can extend its rally above 90000, concerns over rate hikes must continue to ease alongside sustained net institutional inflows.

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