Citigroup has sharply raised its 12-month price targets for Bitcoin and Ethereum, reversing cuts made in July, according to a note dated Wednesday and reported by Reuters. The bank now expects Bitcoin to reach $113,000, up from $82,000, and Ethereum to climb to $3,028, up from $2,240. Both new targets represent increases of roughly 35% versus the bank's previous numbers.
Citi cited stronger activity across cryptocurrency markets, a supportive macroeconomic backdrop and renewed net inflows into spot ETFs as reasons for the more bullish outlook. The bank also forecast approximately $5 billion in crypto asset inflows over the next 12 months, anticipating a slower but steadier pace as advisors and brokerages gradually increase allocations to Bitcoin. At current prices around $83,900 for Bitcoin and $2,700 for Ethereum, the targets imply roughly 35% upside for BTC and 12% for ETH.
The update follows a period of heavy ETF outflows and weak investor interest that led Citi to lower its targets in July from $112,000 to $82,000 for Bitcoin and from $3,175 to $2,240 for Ethereum. Spot Bitcoin ETFs ended the twelve months to September with a small net outflow, with $4.51 billion leaving in June alone. However, momentum has recently improved: the funds have recorded nine straight sessions of inflows totaling about $3.08 billion since September 17, and the week to September 25 drew $2.4 billion, the largest weekly inflow since October 2025.
On regulation, Citi noted that the Clarity Act's failure in the Senate last month had narrowed the path to a market-structure bill, while SEC rule announcements helped reduce negative sentiment. Bitcoin's all-time high of about $126,200 was set in October 2025, leaving even the raised target about 10% below that record. Over the past three months, Bitcoin and Ethereum have gained close to 40% and 68% respectively, cutting their losses for the year to roughly 4% and 9%.
