Citi Raises Bitcoin Target to $113K Amid Strong ETF Inflows

Citigroup has raised its Bitcoin target to $113,000 over the next 12 months. This marks a significant increase from its previous estimate of $82,000. The bank attributes this revision to robust cryptocurrency market activity and more benign macroeconomic conditions.

The price of Bitcoin currently sits at around $84,000, which would require a 35% price increase to reach Citigroup's new target. Meanwhile, the bank has also raised its 12-month Ether target to $3,028 from $2,240.

Citi points to strong ETF inflows as another factor contributing to its revised estimates. In July, the bank had reduced its assumption for net ETF inflows over the next 12 months from $10 billion to zero. However, it now expects approximately $5 billion of inflows over the coming year.