Citigroup Lifts Bitcoin Price Target to $113,000 Amid Renewed Crypto Adoption

Citigroup has raised its 12-month Bitcoin price prediction to $113,000, citing expectations of renewed inflows and adoption in the crypto space.

The bank also lifted its Ether forecast to $3,028 from $2,240, and expects about $5 billion to flow into the crypto market next year.

Citi attributed the readjustment to heightened crypto activity, a positive macro environment, and renewed ETF inflows.

The bank's increased forecast for Bitcoin price is based on the likelihood of capital returning to the asset.

The prediction comes despite a mixed backdrop, with Bitcoin around $83,700 on Oct. 1 and ETF inflows weakening after a strong September.