Citigroup has raised its 12-month price targets for bitcoin and ether, pointing to renewed ETF demand and a more supportive macroeconomic environment in a note released Wednesday.
The bank lifted its bitcoin target to $113,000 from $82,000 and increased its ether forecast to $3,028 from $2,240. Relative to current prices, the new targets imply gains of about 35% for BTC and 12% for ETH.
Citi expects ETF and other crypto investment-product inflows to become “slower but stickier” as advisers and brokerages gradually raise their bitcoin exposure. The bank projects roughly $5 billion of inflows over the coming 12 months.
U.S. spot bitcoin ETFs had posted $5.8 billion in year-to-date net outflows through July 13. The trend subsequently turned around, with 2026 net inflows reaching approximately $800 million by late September.
The bank also said regulatory developments have helped limit the negative sentiment that followed the U.S. Senate’s failure to move forward with the CLARITY Act in September. Citi described subsequent rulemaking from the U.S. Securities and Exchange Commission as a “temporary but meaningful positive.”
“At this stage of the electoral cycle stage, rulemaking clarity may substitute for a durable Clarity Act,” Citi said. “However, we see risk that a 2028 administration change could roll back agency-promulgated rules, albeit this concern lies outside our forecast horizon.”
Bitcoin and the broader crypto market held up following the Senate’s Sept. 15 rejection of the CLARITY Act. Bitcoin ended the month more than 10% higher.
Citi additionally identified the U.S. Treasury’s purchases of longer-dated government bonds as a factor that helped restore momentum in crypto markets. The bank said the move contributed to a breakout after months in which cryptocurrencies had underperformed other risk assets.
UPDATE (Oct. 1, 12:00 UTC): Reuters attributions removed and additional details from Citi’s note added.
