Citigroup Increases Bitcoin and Ethereum Price Targets Significantly
- Citigroup raised its bitcoin target to $113,000 from $82,000, indicating a potential gain of about 35%.
- The bank increased its Ethereum target to $3,028 from $2,240, suggesting a possible increase of around 12%.
- Citi anticipates approximately $5 billion in net inflows into crypto ETFs over the next year as advisers gradually boost bitcoin allocations.
- U.S. spot bitcoin ETFs experienced their largest weekly inflow since October last year, totaling $2.39 billion during the week of September 21-25.
- Bitcoin’s price rose over 10% following regulatory developments and finished September approximately 6.5% higher than at the beginning of the month.
Citigroup’s revised forecasts for bitcoin and Ethereum reflect positive trends in ETF inflows and favorable macroeconomic conditions, despite previous outflows earlier in the year.
The bank’s new targets suggest significant growth potential for both cryptocurrencies as market sentiment improves with recent ETF inflows and regulatory clarity efforts.(Source)
