Citigroup has raised its cryptocurrency price forecasts for the next 12 months, with bitcoin now targeted at $113,000—up from $82,000—and ether at $3,028, up from $2,240. These revisions represent increases of approximately 38 percent for bitcoin and 35 percent for ether.
The bank's revised outlook reflects stronger cryptocurrency activity, supportive economic conditions, and returning exchange-traded fund inflows, according to Citi analyst Alex Saunders. He attributed the higher forecasts to three factors: improved market activity, favorable macroeconomic conditions, and resumed ETF flows following price moves above 200-day moving averages.
Citi's central forecast now assumes $5 billion in net inflows to crypto investment products over 12 months, replacing a previous assumption of flat demand. This projection reflects what the bank describes as positive sentiment in the market.
ETF Inflows Drive Momentum
Bitcoin exchange-traded funds experienced significant inflows in late September. During the week ending September 25, U.S. bitcoin funds attracted $2.39 billion in net inflows—their strongest week since October 2025. Ether products received $689.88 million during the same period.
The buying momentum continued into the following week. Bitcoin ETFs extended their positive run through September 29, accumulating inflows across nine consecutive sessions. Blackrock's Ishares Bitcoin Trust ETF and the ARK 21Shares Bitcoin ETF were among the largest recipients of capital.
However, the streak ended on September 30, when bitcoin ETFs recorded $148.7 million in net withdrawals. Fidelity's Wise Origin Bitcoin Fund accounted for $125.6 million of the outflow.
Regulatory Context
Citi's assessment was also shaped by the regulatory environment. The bank cited the Senate's failure to advance the Clarity Act, a proposed digital asset market structure bill, followed by subsequent Securities and Exchange Commission rule announcements that it judged to have eased negative sentiment.
Despite the recovery, bitcoin remained down approximately 3 percent for the year and ether about 9 percent as of the bank's analysis, even as both assets gained roughly 40 percent and 68 percent respectively over a three-month period.
