Citi Boosts Bitcoin, Ethereum Price Forecasts on Cryptocurrency Market Gains

US financial giant Citigroup has raised its forecast for Bitcoin's price in 12 months to $113,000. The company also increased its target for Ethereum by nearly 40%.

The increase is attributed to strong activity in the cryptocurrency market and a favorable macroeconomic environment. Additionally, the reactivation of investment in cryptocurrency exchange-traded funds (ETFs) has contributed to this upward revision.

Citigroup previously forecasted Bitcoin's price at $82,000 but now expects it to reach $113,000 within 12 months. For Ethereum, the company predicted a target of $2,240 but has increased it to $3,028.