Citigroup raises Bitcoin and Ethereum forecasts amid ETF inflows
- Citigroup raised its bitcoin forecast from $82,000 to $113,000.
- The forecast for ether increased from $2,240 to $3,028.
- These adjustments represent projected increases of approximately 35% for BTC and around 12% for ETH.
- Citi anticipates $5 billion in inflows into crypto products like ETFs over the next year.
- U.S. spot bitcoin ETFs had net outflows of $5.8 billion as of July but recovered with net inflows of $800 million by late September.
Citigroup’s revised forecasts reflect a positive outlook on the cryptocurrency market due to resuming ETF inflows and favorable macroeconomic conditions. The U.S. Securities and Exchange Commission’s recent announcements have also contributed to a more optimistic sentiment in the market.
With Citigroup projecting bitcoin to reach $113,000, this marks a significant increase in their outlook amid changing market dynamics.(Source)
