Citi raises Bitcoin target to $113,000, Ethereum to $3,028

Citi raised its 12-month Bitcoin price target to $113,000 from $82,000 and its Ethereum target to $3,028 from $2,240. The bank cited renewed demand for crypto investment products, improved market sentiment and progress in U.S. digital-asset regulation.

The revised targets mark a change from Citi’s position in July, when it lowered its Bitcoin forecast from $112,000 to $82,000. At the time, exchange-traded fund inflows had weakened and progress on U.S. crypto legislation had stalled. Citi also withdrew its earlier estimate of $10 billion in crypto ETF inflows.

Citi now expects about $5 billion to flow into crypto investment products during 2027. The bank projects that financial advisers and brokerages will gradually increase their Bitcoin allocations, rather than drive a sharp rise in buying.

U.S. spot Bitcoin ETFs shifted from heavy outflows earlier in 2026 to positive cumulative flows by late September. Net inflows for the year reached about $800 million by late September, compared with roughly $5.8 billion in net outflows recorded on July 13.

Regulatory developments also influenced Citi’s updated outlook. The Senate did not advance the CLARITY Act in September, weakening prospects for broad digital-asset market-structure legislation. Later Securities and Exchange Commission actions helped ease some of the negative sentiment, according to Citi.

In September, the SEC introduced an Innovation Exemption covering some tokenized securities venues and liquidity providers. The measure is intended to make certain on-chain markets easier to operate.

Bitcoin’s recovery has also coincided with a weaker U.S. dollar and Treasury purchases of longer-dated bonds. Bitcoin had risen about 40% from its July low, while Ethereum had gained roughly 68% over the previous three months.

Bitcoin traded at about $83,800 on Oct. 1. It was little changed from seven days earlier and was up about 8% over the previous 30 days.