Citigroup Raises Bitcoin Price Prediction to $113K Amid Renewed Crypto Adoption

Citigroup has raised its 12-month Bitcoin price prediction to $113,000 from $82,000. The bank cited expectations of renewed inflows and adoption in the crypto space as the reason for the increase.

The forecast also includes a higher target for Ether, rising to $3,028 from $2,240. Citigroup expects around $5 billion to flow into the crypto market next year, driven by new ETFs and increased allocations from financial advisers and brokerages.

This comes despite a mixed backdrop, with Bitcoin currently trading at around $83,700 on October 1. The bank notes that while Treasury yields remain high due to underwhelming U.S. inflation data, the likelihood of capital returning to the asset is increasing.