Citigroup Doubles Down on $113k Bitcoin Price Target

Citigroup has raised its 12-month Bitcoin price target to $113,000, up from $82,000, representing a 38% increase. Analyst Alex Saunders made this move on October 1, citing renewed ETF inflows and supportive macro conditions as reasons for the upgrade.

The bank's decision is seen as institutional validation that has boosted sentiment in the market, with crypto analysts noting that major Wall Street banks signalling confidence can attract incremental buyer interest.

Bitcoin's short-term direction remains sensitive to macro data, with traders looking at the latest PCE inflation data and upcoming jobs report on October 2 for clues on rate expectations. The current technical battle is between holding above $84,366 and facing immediate resistance near its recent swing high of $85,600.