Citibank Hikes Bitcoin Target to $113,000 Amid Robust Market Activity

Financial giant Citigroup has increased its target price for Bitcoin to $113,000 over the next 12 months.

This is a significant revision from their previous estimate of $82,000, which was announced in July after they slashed it from $112,000 due to negative ETF flows.

The bank attributes this bullish revision to robust cryptocurrency market activity and more favorable macroeconomic conditions, as well as strong ETF inflows.

Citigroup now expects approximately $5 billion of net inflows over the next 12 months, up from zero in their previous estimate.

This news comes despite the U.S. Senate's failure to advance the Clarity Act last week, which could have established a comprehensive regulatory framework for cryptocurrencies in the US.