21Shares strategist: Bitcoin may rise to $90,000, with $85,000 acting as resistance

Senior Crypto Research Strategist Matt Mena from cryptocurrency investment product issuer 21Shares stated that Bitcoin may regain $85,000 after macroeconomic uncertainties subside and further rise towards $90,000. If there is a pullback, the price could still drop to around $81,000. The U.S. Producer Price Index (PPI) will be released, and the Federal Open Market Committee (FOMC) meeting is scheduled for October 27 to 28.

Mena believes that last week's drop of Bitcoin below $85,000 has reflected some downside risks brought by higher inflation data, and after subsequent macro data is released, it may test the $85,000 resistance level again. The core Consumer Price Index (CPI) for September rose 0.3% month-on-month and 2.6% year-on-year, higher than economists' expectations of a 0.2% month-on-month increase. Since 2023, Bitcoin has averaged a 1.21% increase within 7 days after the core CPI exceeded expectations; Mena expects ETH to consolidate around $2,500 in the short term, then attempt to rise to $2,800 to $3,000, with a potential target of $130 for SOL by the end of this quarter.