Bitcoin reaching $90,000 this year now looks likely after JPMorgan forecast, tech rally

Traders now see Bitcoin touching $90,000 before 2027 as likely, a sharp rise from a toss-up a day earlier. The jump came mostly on Wednesday afternoon, after bets had stayed in a narrow range overnight and through the morning.

The rebound began after JPMorgan Asset Management published its first long-term Bitcoin return forecast on Tuesday, projecting a 10% annualized base-case return, CoinDesk reported. It extended Wednesday as strong results from SpaceX and Super Micro lifted technology shares and appetite for risk, and crypto coverage tied Bitcoin's rise that morning to the earnings-driven bounce. The JPMorgan forecast covers a horizon of 10 to 15 years, not a price target for this year.

Bitcoin itself was at about $83,791 on Wednesday, still below the $90,000 mark. The outcome counts if Bitcoin touches that price at any point before 2027.

The recovery follows a rough stretch. Early in October, optimism was strong after Citigroup raised its 12-month Bitcoin target to $113,000 on Oct. 1. That faded as exchange-traded fund outflows and macro pressure built. A hotter-than-expected inflation report on Oct. 14 and a selloff in AI stocks pushed Bitcoin below $81,000 on Oct. 15, with about $261 million flowing out of spot Bitcoin funds that day, CoinDesk reported. Bets on $90,000 slid through the end of that week to around a toss-up. They steadied over the weekend as U.S. spot Bitcoin funds drew about $527 million on Oct. 19, their largest net inflow in a month.

Across the wider set of Bitcoin bets, traders' expectations for the highest price Bitcoin reaches this year center on about $93,000, up from about $92,000 when this story began. The range runs from under $90,000 to $110,000. Reaching $100,000 still looks unlikely, and $110,000 or $120,000 remains a long shot. For where Bitcoin ends the year, traders' bets point to about $83,000, within a range of $65,000 to $103,000, with $70,000 to $90,000 the likeliest band. A fall to $55,000 or lower at some point this year is still a long shot.

Tesla is scheduled to report third-quarter results on Wednesday, which could test the earnings-driven optimism. The next scheduled macro event is the Federal Reserve meeting on Oct. 27 and 28. Fund flows, inflation and rate expectations, oil prices and technology-stock sentiment are the developments to watch for support or pressure on Bitcoin.