Citi Sees Bitcoin Soaring to $113,000, Ethereum to $3,028
Citigroup (C) has updated its price targets for two major cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). According to the bank, Bitcoin could reach $113,000 by the end of the year, while Ethereum might hit $3,028. This forecast implies a 31% increase for Bitcoin and an 11% rise for Ethereum.
One reason Citi is more bullish on Bitcoin is the expected influx of $5 billion into U.S. spot crypto ETFs. This trend has consistently favored Bitcoin's larger ETF market over Ethereum's. The bank also notes that Ethereum's 53% rally in the last 90 days has already consumed most of its potential upside, leaving it only 11% shy of its target.
Citi's target estimates are heavily influenced by expected fund demand. The bank anticipates an additional $5 billion in inflows over the next year, which translates to roughly $417 million each month. However, these flows can fluctuate, and a recent outflow of $149 million on September 30 broke a nine-session streak of inflows.
The Treasury yield of 5.17% also makes Ethereum's 11% upside look thin, especially given its 19% swing between $2,355 and $2,807 in September alone.