Bitcoin rose above $119,000 on Thursday, beating the wider market recession as investors sought safety after the US government shutdown.
Bitcoin traded at a high of $890 in the morning trade, even though Wall Street stocks were slipping due to Washington’s political dysfunction. Lawmakers were unable to secure enough votes to maintain government funds late Tuesday, causing the closure in the middle of the night.
The standoffs had Democrats led by Senate majority leader Chuck Schumer and House minority leader Hicombe Jeffries alongside President Donald Trump.
Bitcoin rose 5% in September at around $114,000, setting a historically bullish fourth quarter, contrary to normal seasonal debilitating.
Past trends suggest that October and November often generate strong benefits. This means that Bitcoin could be fueled by throttling the supply after harving to more than $150,000 per year.
Citigroup Bitcoin Positive Bitcoin Outlook
Citigroup analysts have set a $181,000 Bitcoin goal while bolstering Bitcoin’s 12-month positive outlook in a note to client this week, revising its year-end forecast to $132,000.
The bank cited a robust inflow, estimated at $7.5 billion by the end of the year, and increased demand from institutional investors.
“We are more positive in Bitcoin compared to ether because we capture a large portion of the incremental flow into the crypto market,” wrote a city analyst, adding that a supportive US regulatory environment could maintain momentum in 2026.
Before this week, Bitcoin had been trading sideways in recent months, but key liquidity metrics suggest that breakouts may be approaching.
Global M2 growth, stubcoin supply trends, and the Gold Rally – Bitcoin is closely tracking with a 40-day delay – pointing to all momentum, with some analysts looking at $150,000 in early November.
Source: https://bitcoinmagazine.com/markets/bitcoin-price-flirts-with-120000-as-citi-gives-strong-bitcoin-price-target
