Two of Wall Street's largest banks, Citigroup and JPMorgan Chase, have issued bullish price targets for Bitcoin, citing a more supportive regulatory environment and improving market structure as key catalysts for significant upside over the next 6 to 12 months.
Citigroup has established a 12-month Bitcoin price target of $143,000, with the cryptocurrency trading around $87,932 at the time of its analysis. The bank's optimistic outlook is driven by "growing adoption and a more supportive regulatory environment." Citi analysts stated, "We anticipate regulatory catalysts will drive further adoption and flows." They specifically pointed to policy shifts in the U.S. following renewed support for digital assets from President Donald Trump, which has coincided with dropped lawsuits against major crypto firms and fresh momentum in Congress for market structure legislation.
Citi acknowledged recent volatility, noting Bitcoin's sharp drop of over $18,000 in November—its largest dollar decline since May 2021. However, the bank believes prices are stabilizing post-correction. The bank also outlined a more optimistic scenario where Bitcoin could reach $189,000, while a bearish outlook places it near $78,000.
JPMorgan, in an outlook issued last month, projects Bitcoin could reach approximately $170,000 within the next 6 to 12 months. The bank's analysis focuses less on regulation and more on market mechanics, suggesting the worst of a recent selloff is over. JPMorgan analysts wrote, "The message from the recent stabilization is that deleveraging in perpetual futures is likely behind us," referencing record liquidations on October 10th followed by smaller selloffs in November. They noted that futures positioning has since returned to more normal levels.
JPMorgan also highlighted Bitcoin's growing comparison to gold, noting that rising gold volatility has improved Bitcoin's appeal on a risk-adjusted basis. The bank argues that Bitcoin still trades "well below its theoretical fair value" under this framework. The analysis underscores a broader shift where Bitcoin is increasingly treated as a macro asset, with institutional flows, declining sell pressure from long-term holders, and improved market infrastructure (custody, risk tools, regulated venues) supporting higher price stability and upward trends.
