Citi Doubles Down on Bitcoin Price Target, Sees $113,000 Ahead

Citigroup has significantly raised its Bitcoin price target to $113,000, a $31,000 increase from its previous forecast of $82,000. This move comes despite the market remaining relatively flat, with Bitcoin currently trading around $84,000.

The bank attributes this upgrade to three key factors: increased crypto activity, renewed demand for exchange-traded funds (ETFs), and a more supportive macroeconomic backdrop. Citi expects about $5 billion in additional ETF inflows over the next year, which would contribute to a higher price for Bitcoin.

The recent flow data suggests that ETF inflows are gradually increasing, with US spot Bitcoin ETFs attracting significant amounts on September 21 and 22. However, the pace of these inflows is expected to be steady rather than sudden, allowing Bitcoin to establish a more stable trading range.