Bitcoin News: BTC Price Hits $120K with Spot ETFs Crossing $600M in Inflows

Market Overview - Bitcoin surged to $120,000, briefly reaching $121,000, approaching its all-time high of $124,457 from August, with a nearly 10% increase in the past week driven by strong demand from spot Bitcoin ETFs, which saw inflows of $627 million over four consecutive days [1] - Ethereum ETFs also experienced significant inflows of $307 million during the same period, indicating a growing interest in alternative cryptocurrencies [1] Wall Street Predictions - Citigroup forecasts Bitcoin could reach $181,000 in the next 12 months, with a more conservative year-end target of $133,000, while projecting ETF inflows could total $7.5 billion by year-end [2] - Conversely, Citigroup warns that Bitcoin could drop to $83,000 if the global economy weakens [2] - Citigroup has also raised its year-end forecast for Ethereum to $4,500, citing staking yields as a key factor attracting institutional investors [3] Retail Demand Trends - JPMorgan analysts report that retail investors are increasingly turning to Bitcoin and gold as part of the "debasement trade," driven by inflation concerns, high government deficits, and declining confidence in fiat currencies [4] - Bitcoin has risen nearly 95% over the past year, while gold and silver have increased by more than 40% and about 60%, respectively [4] Investment Strategies - Investors are diversifying their portfolios across Bitcoin, gold, and silver to seek protection against economic uncertainty [5] Options Market Insights - Data from Glassnode indicates that traders are focusing on the $100,000–$120,000 range for Bitcoin, with some speculative bets placed at $130,000 and even $300,000 [6] - The balance between call and put options suggests that traders are hedging both upside and downside risks, highlighting $120,000 as a critical market level [6] Seasonal Trends - The fourth quarter is typically bullish for Bitcoin, with the broader crypto market also experiencing a rally, as analysts speculate on potential future growth in the sector [7]