Citi Raises Bitcoin Price Target to $113,000 Amid Crypto Revival
Citi, a leading global bank, has raised its 12-month Bitcoin price target to $113,000 from $82,000, citing renewed interest in cryptocurrencies and favorable market sentiment. The revised forecast comes as Bitcoin has recovered from its June low and spot Bitcoin ETF inflows have returned after heavy outflows earlier in the year.
The bank expects $5 billion in crypto investment product inflows over the next 12 months, with advisers and brokerages gradually increasing their allocations to crypto investment products. This expectation is based on the bank's analysis of stronger crypto activity, economic conditions, and market developments.
Citi's revised outlook also takes into account the U.S. Treasury's decision to buy back longer-dated bonds and a weakening U.S. dollar, which has historically made investors more willing to take risks in speculative assets such as cryptocurrencies.