Bitcoin just got another macro tailwind.
The U.S. added only 29,000 jobs in September, massively below expectations, while unemployment rose to 4.2%.
And the immediate reaction was pretty clear.
Expectations for another Fed hike in October collapsed. Depending on the market snapshot, the probability dropped from around 70% earlier in the week to roughly 14% to 25%.
That matters for BTC because fewer expected hikes can mean less pressure from rising rates and yields.
But there is another interesting piece.
Citi just raised its 12 month Bitcoin target from $82K to $113K, citing stronger crypto activity, a more supportive macro backdrop and renewed ETF inflows.
Personally, I think the $113K target is less important than the reason behind it.
Bitcoin doesn't need a bank to tell it where the price should go.
It needs liquidity, spot demand and a macro environment that stops fighting the rally.
And there is still a problem.
A weak jobs market isn't automatically bullish. If employment continues deteriorating, the market could start worrying about economic weakness rather than simply celebrating lower rate expectations.
So I'm watching the Fed path more than Citi's target.
If the labor market keeps weakening while inflation continues cooling, that could create a much friendlier backdrop for BTC.
If inflation stays sticky and the Fed remains restrictive, the story gets complicated quickly.
For now, the market just got one more reason to question the next hike.
Now BTC has to prove it can turn that macro relief into actual demand.
$BTC #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?#
The U.S. added only 29,000 jobs in September, massively below expectations, while unemployment rose to 4.2%.
And the immediate reaction was pretty clear.
Expectations for another Fed hike in October collapsed. Depending on the market snapshot, the probability dropped from around 70% earlier in the week to roughly 14% to 25%.
That matters for BTC because fewer expected hikes can mean less pressure from rising rates and yields.
But there is another interesting piece.
Citi just raised its 12 month Bitcoin target from $82K to $113K, citing stronger crypto activity, a more supportive macro backdrop and renewed ETF inflows.
Personally, I think the $113K target is less important than the reason behind it.
Bitcoin doesn't need a bank to tell it where the price should go.
It needs liquidity, spot demand and a macro environment that stops fighting the rally.
And there is still a problem.
A weak jobs market isn't automatically bullish. If employment continues deteriorating, the market could start worrying about economic weakness rather than simply celebrating lower rate expectations.
So I'm watching the Fed path more than Citi's target.
If the labor market keeps weakening while inflation continues cooling, that could create a much friendlier backdrop for BTC.
If inflation stays sticky and the Fed remains restrictive, the story gets complicated quickly.
For now, the market just got one more reason to question the next hike.
Now BTC has to prove it can turn that macro relief into actual demand.
$BTC #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?#
