Bitcoin Price Today: BTC Reclaims $86K as “Uptober” Rally Begins

The cryptocurrency market kicked off the highly anticipated “Uptober” cycle with strong upward momentum today, as Bitcoin (BTC) jumped over 2.2% to trade around $86,150.

The rally follows a $3 trillion bank raising its Bitcoin price target and spot ETF inflows turning positive again.

Bitcoin Reclaims $86K as Uptober Begins

Bitcoin is up around 2% to $85,956.77, slightly ahead of the broader crypto market, which gained 1.9%. BTC also briefly touched $86,150 as buyers pushed the price back above the key $85,000 level.

The move comes as Bitcoin enters October, a month that has often been strong for BTC. Bitcoin has closed higher in 10 of the past 13 Octobers, with an average gain of 18.71%. This has added to the bullish mood around the start of “Uptober.”

The rally also triggered liquidations across the market. Around 77,543 traders were liquidated in the past 24 hours, with total liquidations reaching $324.68 million.

Citi Forecast Leads Bitcoin Rally

The primary reason behind Bitcoin’s latest rally is Citi’s new bullish price forecast. The bank raised its 12-month Bitcoin price target from $82,000 to $113,000, citing stronger crypto activity, supportive macro conditions, and renewed ETF demand.