Citi Boosts Bitcoin Target to $113,000 Amid Robust Market Activity

Citigroup has upgraded its Bitcoin target to $113,000 within the next 12 months, up from its previous estimate of $82,000. This represents a 35% price increase from the current trading level of around $84,000.

The bank's decision to raise its target comes as the cryptocurrency market experiences robust activity and more benign macroeconomic conditions. Additionally, strong ETF inflows are also contributing to this revision.

Just a few months ago in July, Citigroup had slashed its Bitcoin target from $112,000 to $82,000 due to negative ETF flows. However, with financial advisors and brokerages warming up to Bitcoin once again, the bank expects approximately $5 billion of inflows over the coming 12 months.