Citigroup raised its 12-month price forecasts for bitcoin and ether, signaling renewed confidence in crypto assets as exchange-traded fund demand recovers and market conditions improve.
The bank now targets bitcoin at $113,000, up from its previous $82,000 forecast, representing a 35% premium to prices near $83,900. Citigroup's ether target rose to $3,028 from $2,240, sitting about 12% above the price near $2,697.
ETF Inflows Drive the Outlook
U.S. spot bitcoin ETFs initially recorded $5.8 billion in net outflows through July 13, 2026. However, subsequent inflows reversed that trend, leaving the products with roughly $800 million in net inflows by late September.
Citigroup expects this recovery to continue at a measured pace, forecasting approximately $5 billion in bitcoin-related inflows over the next 12 months. The bank's analysis assumes financial advisers will gradually increase bitcoin allocations rather than make large concentrated purchases.
Supporting Macro Factors
Citigroup pointed to several developments supporting its crypto outlook. The bank cited SEC rule announcements that reduced negative market reactions following the Senate's failure to advance the Clarity Act on September 15.
Bitcoin gained more than 10% before September ended and reclaimed its 50-week moving average during the rebound. Citigroup also referenced U.S. Treasury bond buybacks as a factor reviving demand for risk assets, noting a scheduled $6 billion long-bond buyback as yields tested multi-year highs.
Both price targets carry a 12-month horizon and depend on the bank's expected inflow trend continuing alongside supportive financial conditions.
