Citigroup Pumps Up Bitcoin Price Target to $113,000
Citigroup, a major bank, has raised its 12-month Bitcoin price target to $113,000, a 38% increase from its previous target of $82,000. This move comes as Bitcoin's price rose 1.24% in 24 hours to $84,776.95, outperforming a broadly positive market.
The bank's analyst, Alex Saunders, cited renewed ETF inflows and supportive macro conditions as the reasons for the price target upgrade. This institutional validation has boosted sentiment in the market, with crypto analysts noting that a major Wall Street bank signalling confidence can attract incremental buyer interest.
The move also aligns with a broader market uptick, with the total crypto cap increasing by 0.87%. Sentiment improved as the latest PCE inflation data came in softer than expected, causing traders to reduce bets on an aggressive Fed rate hike path.