Citi Pumps Up Bitcoin Target to $113,000 Amid Soaring ETF Demand

Citi, a major financial institution, has raised its Bitcoin target price to $113,000, a significant increase of $31,000 from its previous target of $82,000. This move comes despite the market itself having barely moved, with Bitcoin trading around $84,000 on October 1, little changed from its $83,612 September 30 close.

The bank attributes this upgrade to three key factors: stronger crypto activity, renewed ETF demand, and a more supportive macro backdrop. Citi expects ETF inflows to return at a slower but steadier pace, with an estimated $5 billion of additional crypto inflows over the next year. Recent flow data shows that US spot Bitcoin ETFs attracted $999 million on September 21 and $714.7 million on September 22, although they ended September 30 with a $139.2 million net outflow.

Bitcoin has recovered from its July low, gaining around 40% in value, but still trades below the $87,000 area reached in September. Citi's forecast assumes gradual allocation increases from advisers and brokerages, making the pace of ETF demand especially important. The bank does not expect another sudden flood of institutional money, but rather a sustained increase in demand that can turn the recent recovery into sustained price discovery.