Citigroup Raises 12-Month Bitcoin Target to $113,000

Citigroup raised its 12-month Bitcoin price target to $113,000 from $82,000 on Thursday, betting that renewed investor interest and improving market sentiment will extend the cryptocurrency's recent rally.

The upgrade marks a sharp turn in the bank's outlook after a brutal stretch for digital assets. Bitcoin fell from a high of $124,000 in October 2025 to a low of $58,000 in June. Its fortunes began to turn in mid-August, after the U.S. Treasury Department announced a buyback of longer-dated bonds, helping spur a price jump. By September, Bitcoin had crossed $80,000 for the first time in four months and has since traded around that level.

Citigroup also lifted its forecast for Ethereum, the second-largest cryptocurrency, to $3,028 from $2,240.

The investment bank expects demand for crypto-backed exchange-traded funds to fuel much of the price surge, projecting inflows of $5 billion over the next year. It cited the Treasury Department's bond-buyback program and a weakening U.S. dollar as additional factors that will revive momentum for digital assets.

ETF flows have already started to reverse. This year has been choppy for spot Bitcoin ETFs, which recorded nearly $7 billion in outflows in May and June, according to data from analytics platform SoSoValue. The trend turned in July, and spot Bitcoin ETFs surpassed $2 billion in inflows in September. Citigroup noted that this reversal in ETF flows will contribute to Bitcoin's climb.

The Treasury's bond-buyback announcement also weakened the dollar, giving Bitcoin an extra lift. Historically, a softer dollar has made investors more willing to take risks, particularly in speculative assets such as cryptocurrencies.

The U.S. regulatory picture has added to the improved mood. The Clarity Act, a bill that would have set broad rules for the crypto market, failed to advance in the Senate in mid-September. Bitcoin held up better than some expected after the vote. Soon after, the Securities and Exchange Commission moved to use its existing powers to write rules for the industry for the remainder of the current administration. Citigroup said those steps helped calm investors' concerns.

The new targets position Citigroup among the more bullish voices on Wall Street after a year of stagnant or declining prices, and its $113,000 call now sits roughly $34,000 above Bitcoin's recent trading level near $80,000 — a bet that ETF inflows, a weaker dollar, and a calmer regulatory climate can sustain the recovery.