Citigroup Raises Bitcoin Price Target to $113,000 Amid Soaring Crypto Activity

Citigroup has raised its 12-month Bitcoin price target to $113,000 from $82,000, citing stronger crypto activity and a supportive macro backdrop. The bank also lifted its Ether price target to $3,028 from $2,240.

This move follows a rebound of nearly 43% in Bitcoin over the past three months, with October's historical average return sitting at around 14.4%. The bank expects around $5 billion of crypto inflows over the next 12 months, but notes that these inflows will be slower and steadier rather than another sudden buying wave.

Citigroup points to a softer dollar and U.S. Treasury's longer-dated bond buybacks as supporting factors for the recent crypto recovery. The bank also noted that the failed CLARITY Act vote narrowed the path toward a wider market-structure law, but later SEC rule announcements helped reduce negative sentiment.

Bitcoin is currently trading around $83,773 and would need to gain approximately 34.8% to reach Citi's new target. Ether has gained nearly 68% over the past three months, although it remains down around 9% for the year.