Citi Raises Bitcoin Forecast to $113,000 as ETF Demand Returns

Citigroup has increased its 12-month forecast for Bitcoin to $113,000 and Ether to $3,028, citing renewed demand through exchange-traded funds and a more supportive macroeconomic backdrop. The bank previously lowered its Bitcoin target to $82,000 and Ether forecast to $2,240 in July, but has now revised these estimates upwards.

The revisions follow a period of increased activity in the crypto market, with U.S. spot Bitcoin ETFs recording $5.8 billion in net outflows in 2026, which has since been erased, and year-to-date flows returning to roughly $800 million in positive territory by late September.

Citi expects $5 billion in crypto inflows over the coming 12 months, with advisers and brokerages gradually raising their Bitcoin allocations. The bank attributed part of the improvement in its outlook to changes in the macro environment, including the U.S. Treasury's decision to buy back more longer-dated government debt, which contributed to a softer dollar and helped revive momentum across crypto markets.