Citi Hikes Crypto Targets as Wall Street Endorses Bitcoin Rebound
Citi has raised its targets for Bitcoin and Ethereum, citing stronger market activity and improved macro conditions.
The bank's analysts now expect Bitcoin to reach $113,000 in the next year, up from a previous target of $82,000. For Ethereum, they predict a price of $3,028, an increase from their earlier forecast of $2,240.
This news comes as both cryptocurrencies have experienced a significant rebound since July, with Bitcoin's value rising over 40% in the third quarter and Ethereum outperforming it.
However, Citi notes that there are still challenges to be addressed, including high bond yields, inconsistent ETF demand, and unresolved US regulation. The bank expects net crypto inflows of $5 billion over the next year, but this could be affected by the 10-year Treasury yield staying above 5%.