21Shares strategist sees Bitcoin path to $90,000 after CPI
Matt Mena of 21Shares says Bitcoin could clear $85,000 resistance and reach $90,000 once near-term macro uncertainty passes, after September core inflation came in hotter than expected.
Key points
- Mena names $85,000 as resistance before a possible move to $90,000, with $81,000 a possible pullback level.
- September core CPI rose 0.3% monthly and 2.6% annually, above the 0.2% monthly figure economists expected.
- US spot Bitcoin ETFs drew $175.62m in net inflows on 13 Oct, including $103.06m into Fidelity's FBTC and $65.89m into BlackRock's IBIT.
Bitcoin could move toward $90,000 once near-term economic uncertainty clears, according to Matt Mena, senior crypto research strategist at 21Shares, in commentary supplied to Bitcoin.com News on 14 Oct. He said last week's slide below $85,000 had already priced in much of the risk from a hotter inflation reading, and named $85,000 as resistance ahead of a possible push to $90,000. A pullback toward $81,000 remained possible, he added, but he judged the balance of risks to favour an advance.
September's consumer price index showed prices up 0.6% from August and 3.7% over the year, while core inflation, which excludes food and energy, rose 0.3% monthly and 2.6% annually.
The producer price index was due 15 Oct, which Mena called the last major near-term macro release before the Federal Reserve's next FOMC meeting on Oct. 27-28. Ether funds returned to positive flows with $24.84m after 10 straight sessions of redemptions.
Mena cited quarterly ETF inflows above $3bn for ETH and $500m for SOL, their strongest quarter this year.
What to watch: The producer price index was due 15 Oct, ahead of the Federal Reserve's FOMC meeting on Oct. 27-28.
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