Bitcoin is entering October 2026 with a key question for investors: Can it climb to $90,000? The cryptocurrency was trading at around $83,070 as October approached. Its next move could depend on the US Federal Reserve’s interest-rate decision, oil prices above $100 a barrel and demand for Bitcoin investment funds.
The market is watching the meeting closely because interest-rate decisions can affect demand for riskier assets such as cryptocurrencies, according to 24/7 Wall St.. Because they can offer regular returns without the same price volatility associated with cryptocurrencies, according to the analysis by 24/7 Wall St, when interest rates rise, investors may find government bonds more attractive. The US central bank is scheduled to meet on October 27–28.
The Federal Reserve’s October meeting could influence Bitcoin’s direction. Higher interest rates could make Bitcoin less attractive to some investors. Bitcoin does not pay interest or dividends, unlike certain income-generating investments.
Oil prices above $100 a barrel are another risk for Bitcoin in October. Brent crude prices climbed above $100 after US President Donald Trump rejected an Iranian proposal to end hostilities and reopen the Strait of Hormuz, according to 24/7 Wall St. US spot Bitcoin ETFs held about $108.4 billion in assets, according to 24/7 Wall St. However, daily inflows fell from nearly $1 billion on September 21 to $134 million on September 25. Citi’s revised forecast of $5 billion in net inflows over 12 months reflects its expectation of continued investment, although the actual amount will depend on market conditions, according to Yahoo Finance.
The situation has raised concerns about oil supplies and the possibility of higher energy costs. Bitcoin ETF inflows have slowed, raising questions about the strength of investor demand. Money was still entering the funds, but at a slower pace. A return of strong ETF inflows could help Bitcoin move higher. Increased investment through spot Bitcoin ETFs can create additional demand for the cryptocurrency.
Citi analyst Alex Saunders raised the bank’s base-case price target for Bitcoin to $113,000 from $82,000 on Thursday. Saunders said the bank now expects $5 billion in net inflows into Bitcoin ETFs over the next 12 months, compared with its earlier assumption of no net inflows. He linked the change to improving investor sentiment and renewed ETF demand after Bitcoin moved above its 200-day moving average.
The revised forecast reflects changes in market activity, the broader economic outlook and flows into exchange-traded funds (ETFs), Saunders said, according to Yahoo Finance. Citigroup has raised its Bitcoin price forecast, pointing to renewed investor interest. Citi expects more money to flow into Bitcoin ETFs over the next year.
