Summary
- Citigroup has increased its 12-month price target for Bitcoin to $113,000 from $82,000, and for Ethereum to $3,028 from $2,240.
- The bank anticipates $5 billion in crypto inflows over the upcoming year, which will be at a slower yet more consistent rate.
- This Bitcoin target remains approximately 10% lower than the all-time high reached in October 2025.
Citigroup has revised its 12-month forecast for Bitcoin to $113,000, up from $82,000, while also raising its Ethereum forecast to $3,028 from $2,240. These adjustments are attributed to increased activity in the cryptocurrency markets, a favorable macroeconomic environment, and the resurgence of ETF inflows, as reported by Reuters.
Both projections reflect approximately a 35% increase from the bank's previous estimates. Currently, Bitcoin is trading around $83,900 and Ethereum at approximately $2,700, suggesting potential gains of about 35% for Bitcoin and 12% for Ethereum if these targets are achieved.
The bank forecasts that crypto inflows will resume at a more gradual yet steady pace, expecting $5 billion within the next year as financial advisors and brokerages gradually increase their Bitcoin allocations. This figure marks a significant turnaround compared to the previous year, where spot Bitcoin ETFs ended the year with a net outflow, according to SoSoValue. Over the last twelve months, there were six months of negative inflows, with $4.51 billion withdrawn in June alone. In 2026, these ETFs have seen inflows of $880 million compared to $21.37 billion in 2025. It remains unclear if Citigroup's forecast pertains solely to spot Bitcoin ETFs or encompasses a broader range of crypto products.
Furthermore, the target price is still below the record high of approximately $126,200 set in October 2025, indicating that even if the forecast is accurate, it would fall short by about 10% of that peak.
On the regulatory front, the bank noted that the recent failure of the Clarity Act in the Senate has "narrowed the path to a market-structure bill". This has led to new rule announcements from the Securities and Exchange Commission that have somewhat alleviated negative sentiment in the market.
The surge in these price targets has been notable, with Bitcoin and Ethereum experiencing gains of nearly 40% and 68% respectively over the past three months. This has reduced their year-to-date losses to about 4% and 9%, according to Citigroup.
Recently, spot Bitcoin ETFs have seen inflows for nine consecutive sessions, totaling approximately $3.08 billion since September 17, surpassing August's record. The week ending September 25 witnessed $2.4 billion inflows, marking the largest weekly total since October 2025 and bringing these funds back into positive territory for the year. The recovery in Bitcoin began on August 19, coinciding with the Treasury's announcement to double its longer-dated bond buybacks to at least $4 billion per operation.
However, momentum has slowed, with daily inflows dropping to $66 million on September 29. Bitcoin briefly exceeded $85,000 after the release of favorable PCE data but then retreated, remaining about a third below its October 2025 peak of $126,296.