Citigroup hiked its 12-month price targets for Bitcoin (BTC) and Ethereum (ETH) by over 35%, Reuters reported on Oct. 1. The latest forecast comes only months after the bank had trimmed both
Citigroup hiked its 12-month price targets for Bitcoin (BTC) and Ethereum (ETH) by over 35%, Reuters reported on Oct. 1.
The latest forecast comes only months after the bank had trimmed both price targets.
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As reported earlier, Citi lowered its price targets for Bitcoin from $112,000 to $82,000 and for Ether from $3,175 to $2,240 on July 1. In a bearish case, it expected Bitcoin to trade at $53,000 and Ether at $1,094 over the next year.
The bank attributed its July decision to lower investor appetite, exchange-traded fund (ETF) outflows, and the lack of progress on the U.S. crypto legislation.
As per the latest Reuters report, Citi has now raised its price targets, owing to stronger crypto activity, a supportive macroeconomic backdrop, and a resumption of ETF inflows.
The bank said it expects crypto inflows to resume at a slower but steadier pace — expecting inflows worth $5 billion over the next 12 months — as wealth managers increase BTC allocations over time.
Though Citi admitted that the Senate vote failure of the Digital Asset Market Clarity Act "narrowed the path" to crypto market structure legislation, it underlined that the Securities and Exchange Commission's (SEC) announcements "dampened negative sentiment."
Bitcoin and Ether, surging 35% and 54% over the last three months, have reduced their 2026 losses to about 5% and 10% respectively.
As a result, Citi decided to raise its 12-month price targets by more than 35% for both Bitcoin and Ether.
While the bank raised its Bitcoin price target from $82,000 to $113,000, it raised its Ether price target from $2,240 to $3,028.
BTC/USD, Source: Decibel
Bitcoin was trading at $83,526 at the time of writing, as per Decibel.
ETH/USD, Source: DecibelEther was trading at $2,684.20 at the time of writing, as per Decibel.
Related: Analyst warns Bitcoin is flashing a 2023 warning sign
