Citigroup Raises Bitcoin 12-Month Price Target to $113,000

Citigroup announced on Thursday that it has raised its 12-month price target for Bitcoin to $113,000, a significant increase from its previous forecast of $82,000. This upward revision reflects a belief that the recent positive momentum in Bitcoin's price is likely to continue. The investment bank attributes the anticipated price pressure to a resurgence of interest in cryptocurrencies and an improvement in overall market sentiment. In addition to Bitcoin, Citigroup also adjusted its price target for Ethereum, the second-largest cryptocurrency, raising it from $2,240 to $3,028. The firm forecasts that demand for crypto-backed exchange-traded funds (ETFs) will be a key driver of this projected price surge, estimating that inflows into these products could reach $5 billion over the next year. Further supporting this outlook, Citigroup pointed to the U.S. Treasury Department's decision to buy back longer-dated bonds and a weakening U.S. dollar as factors that will contribute to renewed momentum for digital assets. These updated targets follow a period of stagnant or declining prices for Bitcoin. After reaching a high of $124,000 in October 2025, Bitcoin experienced a significant downturn, falling to a low of $58,000 in June. The cryptocurrency's trajectory began to shift in mid-August, following the U.S. Treasury Department's bond-buyback announcement, which helped to spur an initial price increase. By September, Bitcoin had surpassed the $80,000 mark for the first time in four months and has largely traded around that level since. Citigroup specifically noted that the recent reversal in ETF flows is expected to contribute to Bitcoin's price appreciation. The performance of spot Bitcoin ETFs has been volatile this year. Data from analytics platform SoSoValue indicates that spot Bitcoin ETFs experienced outflows totaling nearly $7 billion during May and June. However, this trend reversed in July, with spot Bitcoin ETFs recording inflows exceeding $2 billion in September. The U.S. Treasury's bond-buyback initiative also played a role in weakening the U.S. dollar, providing an additional tailwind for Bitcoin. Historically, a weaker dollar has been associated with increased investor willingness to engage in riskier investments, including cryptocurrencies. Furthermore, developments in the U.S. regulatory landscape have provided a lift to crypto markets, with the introduction of the Clarity Act, a bill intended to establish comprehensive rules for the cryptocurrency industry, contributing to a more positive outlook.