Citi Lifts Bitcoin Target to $113,000 as Crypto Market Sees Surge

Citi has raised its 12-month Bitcoin target to $113,000, an increase of about 35% from current levels. The bank also lifted its Ethereum target from $2,240 to $3,028, a 12% gain above current prices.

The Treasury's bond buyback program is seen as a catalyst for the crypto market, and the SEC's rule announcements are viewed as a temporary but positive development after the Senate defeated the CLARITY Act.

Citi expects 'slower but stickier' ETF inflows going forward, forecasting $5 billion over the next 12 months. The bank also notes that major financial firms will have built on blockchain infrastructure by 2028, making it difficult for regulators to reverse course.