Citi Sees Bitcoin's Path to $113,000 with $5 Billion Crypto Inflows
Citi's analysts have revised their Bitcoin price target to $113,000, up from $82,000 just two months ago. This change reflects a shift in the bank's optimism about the cryptocurrency market.
The new forecast comes as Bitcoin trades around $84,000, implying a potential 35% upside over the next year. Citi also raised its target for Ether to $3,028, up from $2,240, with a similar 35% increase in value.
Citi cited macro and regulatory factors behind the upgrade, including concerns about currency debasement and the impact of US Treasury bond buybacks on the dollar. The bank also pointed to SEC rulemaking as a positive development for the industry.
The $5 billion inflow forecast over the next 12 months is notable, with Citi attributing this growth to financial advisors and brokerages expanding their crypto allocations.