Bitcoin could move toward $90,000 once upcoming economic releases are completed, according to Matt Mena, senior crypto research strategist at 21Shares. Mena told Bitcoin.com News on Oct. 14 that last week's decline below $85,000 had already reflected much of the downside risk from a hotter-than-expected inflation reading.
Mena identified $85,000 as a resistance level that Bitcoin must reclaim before potentially advancing toward $90,000. He noted that with the producer price index due Oct. 15 and the Federal Reserve's policy meeting scheduled for Oct. 27-28, the major near-term economic data releases would soon be complete.
"While a pullback toward $81k remains possible, we believe the balance of risks favors a move through $85k and toward $90k once the remaining macro uncertainty clears," Mena said.
Historical Pattern After Inflation Surprises
September's consumer price index showed core inflation, which excludes food and energy, rose 0.3% monthly—exceeding the 0.2% that economists had expected. Following the release, Bitcoin fell below $83,000, reaching approximately $82,800.
Mena's analysis examined Bitcoin's performance following hotter-than-expected core CPI releases since 2023 and found an average weekly gain of 1.21% in the seven days after such reports. This historical pattern supports his view that inflation surprises need not prevent a recovery in Bitcoin prices.
ETF Flows and Support Levels
Institutional positioning has provided support for Bitcoin near $81,500, identified by Glassnode as the cost basis for U.S. spot bitcoin exchange-traded fund holdings. Approximately $77,500 represents the next major downside level if that support fails.
U.S. spot bitcoin ETFs attracted $175.62 million in net inflows on Oct. 13. Fidelity's spot bitcoin ETF received $103.06 million, while BlackRock's equivalent fund brought in $65.89 million. Ether funds also returned to positive flows after 10 consecutive sessions of net redemptions, drawing $24.84 million.
Ether and Solana Targets
Mena expects ether to consolidate around $2,500 in the near term before potentially attempting $2,800-$3,000. He identified $130 as a potential price level for Solana by the end of the quarter. Both assets saw quarterly ETF inflows exceeding $3 billion for Ether and $500 million for Solana, described as their strongest quarter this year.
