Citi Raises Bitcoin Target to $113K, Ethereum to $3K

Citigroup Boosts Bitcoin and Ethereum Price Targets, Citing Market Strength and ETF Inflows

Citigroup has significantly increased its 12-month price targets for Bitcoin and Ethereum, reflecting a more optimistic outlook on the cryptocurrency markets. The bank now forecasts Bitcoin reaching $113,000, up from a previous target of $82,000, and Ethereum climbing to $3,028, an increase from $2,240. According to Reuters, these upward revisions are attributed to robust activity across crypto markets, a favorable macroeconomic environment, and the resurgence of exchange-traded fund (ETF) inflows.

Significant Upside Potential Projected

Both revised targets represent an approximately 35% increase over Citigroup’s prior projections. Current market data from CoinGecko shows Bitcoin trading around $83,900 and Ethereum near $2,700. If Citigroup’s targets are realized, this implies a potential upside of roughly 35% for Bitcoin and 12% for Ethereum.

Anticipating Steady ETF Inflows

Citigroup anticipates that ETF inflows will resume at a more measured but consistent pace. In a note dated Wednesday, the bank suggested that financial advisers and brokerages are gradually increasing their allocations to Bitcoin. The bank projects these inflows to total $5 billion over the next 12 months.

A Turnaround for ETF Performance

This projected $5 billion in inflows marks a significant turnaround compared to the past year. Data from SoSoValue indicates that spot Bitcoin ETFs experienced a net outflow over the twelve months ending in September, with six months showing negative performance. June alone saw $4.51 billion depart the funds. In contrast, the year-to-date inflows for 2026 have reached $880 million, following a substantial $21.37 billion in 2025. It remains unclear from the note’s summary whether Citigroup’s figure exclusively pertains to spot Bitcoin ETFs or encompasses a broader range of crypto products.

Targets Below Previous Peaks

Despite the optimistic outlook, Citigroup’s new Bitcoin target of $113,000 falls short of its all-time high. Bitcoin reached a record of approximately $126,200 in October 2025, meaning the bank’s target, even if achieved, would still be about 10% below that peak.

Regulatory Landscape and Market Sentiment

Regarding regulation, Citigroup noted that the failure of the Clarity Act in the Senate last month “narrowed the path to a market-structure bill.” However, the bank also pointed out that subsequent rule announcements from the Securities and Exchange Commission have helped to mitigate negative sentiment.

Recent Rally and Market Drivers

The recent rally in cryptocurrencies has been notable. Citigroup observed that Bitcoin and Ethereum have gained close to 40% and 68%, respectively, over the past three months. This surge has reduced their year-to-date losses to approximately 4% for Bitcoin and 9% for Ethereum.

Spot Bitcoin ETFs have experienced nine consecutive sessions of inflows, accumulating about $3.08 billion since September 17, narrowly surpassing an earlier nine-day run in August. The week ending September 25 saw inflows of $2.4 billion, the largest for the funds since October 2025, pushing them back into positive territory for the year. Bitcoin’s summer rebound began on August 19, coinciding with the Treasury’s announcement to double its longer-dated bond buybacks to at least $4 billion per operation.

Momentum Eases Amidst Shifting Data

Momentum has since moderated. Daily inflows decreased to $66 million on September 29. Bitcoin briefly surpassed $85,000 following the release of cooler-than-expected PCE data before settling back. The cryptocurrency remains roughly a third below its October 2025 record of $126,296.