Citigroup has raised its 12-month price target for Bitcoin from US$82,000 to US$113,000, and for Ethereum from US$2,240 to US$3,028, citing higher activity in crypto asset markets, a favourable macroeconomic backdrop and the return of ETF inflows, Reuters reported.
Both targets represent increases of about 35% from the bank's previous figures. Bitcoin is currently trading at roughly US$83,900 and Ethereum at about US$2,700, according to CoinGecko data, implying potential upside of around 35% for Bitcoin and 12% for Ethereum if the targets are reached.
The bank expects inflows to resume at a slower but steadier pace as advisers and exchanges gradually increase their Bitcoin allocations, according to a note released on Wednesday, which forecasts US$5 billion in inflows over the next 12 months.
Compared with last year, US$5 billion would mark a turnaround rather than a modest target. Spot Bitcoin ETFs closed the twelve months to September with a small net outflow, according to SoSoValue, with six negative months in that period and US$4.51 billion in outflows in June alone. They have taken in US$880 million so far in 2026, against US$21.37 billion in 2025. It is not clear from the note's summary whether Citi's figure refers only to spot Bitcoin ETFs or to crypto asset products more broadly.
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The target itself also falls short of a record. Bitcoin's all-time high of around US$126,200 was set in October 2025, leaving Citi's US$113,000 target about 10% below the peak, even if the forecast is met.
On regulation, the bank said the failure of the Clarity Act in the Senate last month "narrowed the path for a market structure bill", while also noting that announcements of rules from the US Securities and Exchange Commission (SEC) eased negative sentiment.
The rally since the update has been sharp. Bitcoin and Ethereum posted gains of nearly 40% and 68%, respectively, over the past three months, narrowing their year-to-date losses to about 4% and 9%, Citi noted.
Spot Bitcoin ETFs have since attracted inflows for nine consecutive sessions, about US$3.08 billion since 17 September, narrowly surpassing August's nine-day streak. The week to 25 September brought in US$2.4 billion, the funds' largest weekly intake since October 2025, pushing them back into positive territory for the year. Bitcoin's summer recovery dates back to 19 August, when the US Treasury announced it would double its long-term bond buybacks to at least US$4 billion per operation.
Momentum has since cooled. Daily inflows fell to US$66 million on 29 September, and Bitcoin rose above US$85,000 after PCE inflation data came in softer than expected, before pulling back, leaving it roughly a third below its record high of US$126,296 set in October 2025.
* Translated and edited with permission from Decrypt.
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