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Citigroup has raised its 12-month Bitcoin price target to $113,000 from $82,000, citing improving cryptocurrency market activity, macroeconomic conditions and expectations for renewed exchange-traded fund demand. The bank also lifted its Ethereum target to $3,028 from $2,240.
The bullish Bitcoin forecast comes despite fresh weakness in ETF flows. U.S. spot Bitcoin ETFs recorded $148.69 million in net outflows on September 30, the same day Citi released its updated outlook.
Citi analyst Alex Saunders said the upgrade reflected stronger readings across the bank’s three main indicators: market activity, macro conditions and ETF flows. Concerns over currency debasement, regulatory developments at the U.S. Securities and Exchange Commission and improving technical signals have also supported cryptocurrency prices.
The revision marks a sharp reversal from Citi’s June 30 outlook. At that time, the bank cut its estimated 12-month Bitcoin ETF inflows to zero from $10 billion and lowered its BTC target to $82,000 from $112,000. Citi had also reduced its Ethereum forecast to $2,240 from $3,175.
Citi now expects approximately $5 billion in Bitcoin ETF inflows over the next 12 months as financial advisers and brokerages gradually increase cryptocurrency allocations. Saunders also noted that ETF demand strengthened as Bitcoin moved above its 200-day moving average.
Bitcoin traded around $84,591 at the time of the latest report, putting Citi’s $113,000 forecast roughly 34% above current levels. BTC gained 42.7% during the third quarter, including a strong September performance.
Ethereum, meanwhile, traded near $2,699.46 after gaining 70.8% in Q3. Citi’s $3,028 ETH target therefore implies only about 12% additional upside and remains below its pre-June forecast of $3,175.
Ethereum’s supply dynamics remain supportive, with Santiment data showing only 3.49% of ETH supply held on exchanges. However, Ethereum ETFs ended a seven-day inflow streak on September 29.
With Citi’s Bitcoin outlook closely tied to institutional ETF demand, upcoming fund-flow data could determine whether the bank’s renewed bullish forecast remains on track.
