Citi Raises Bitcoin Price Target to $113,000 Amid Macroeconomic Improvements
Citi, the global financial services company, has raised its 12-month price target for Bitcoin to $113,000, up from its previous forecast of $82,000. Analysts at Citi attribute this increase to improving macroeconomic conditions and reduced regulatory uncertainty.
However, this optimistic outlook contrasts with recent short-term market trends, as the Bitcoin ETF (IBIT.US) recorded net outflows of $148.69 million on September 30. This divergence between short-term and long-term market expectations may signal heightened volatility.
Citi's revised price targets are based on a comprehensive assessment of three key metrics: market activity, macroeconomic conditions, and ETF capital flows. The company's analysts note that the failure of the 'Clarity Act' and increased regulatory clarity from the U.S. Securities and Exchange Commission (SEC) have eased concerns about Bitcoin's undervaluation.