Citi raises 12-month Bitcoin target to $113,000, Ethereum to $3,028
In brief
- Citi raised its 12-month Bitcoin target to $113,000 from $82,000, Reuters reported.
- Ethereum's target rose to $3,028 from $2,240; both targets increased about 35%.
- Citi forecasts $5 billion of inflows over 12 months; the note's summary doesn't specify what that covers.
- Bitcoin's new target sits about 10% below its approximate $126,200 record from October 2025.
What Citi changed
Bitcoin traded around $83,900 and Ethereum around $2,700 at the time of reporting, according to CoinGecko data cited by Decrypt. If Citi's targets are met, that works out to roughly 35% upside for BTC and 12% for ETH.
It's still not a call for new highs.
Bitcoin set its all-time high of approximately $126,200 in October 2025, which leaves Citi's $113,000 target some 10% below the peak. The bank also noted that Bitcoin and Ethereum have gained close to 40% and 68% respectively over the past three months (cutting their year-to-date losses to roughly 4% and 9%).
The ETF question
Citi forecast $5 billion of inflows over the next 12 months. It expects them to resume at a slower but steadier pace as advisers and brokerages gradually raise their Bitcoin allocations. The summary of the note doesn't make clear whether that figure covers spot Bitcoin ETFs alone or crypto products more broadly.
Recent ETF flows have been mixed. Spot Bitcoin ETFs ended the twelve months to September with a small net outflow, according to SoSoValue, with six negative months and $4.51 billion leaving in June alone. More recently, the funds took in money for nine straight sessions (about $3.08 billion from September 17), before daily inflows slowed to $66 million on September 29, Decrypt reported.
Policy backdrop
Citi's note also addressed regulation in Washington. The bank said the Clarity Act's failure in the Senate last month prompted SEC rule announcements that eased negative sentiment, but it came with a cost. Decrypt summarized that part of the note this way:
the bank said the Clarity Act's failure in the Senate last month had "narrowed the path to a market-structure bill,"
Decrypt traced Bitcoin's summer rebound back to August 19, when the Treasury said it would expand its longer-dated bond buybacks. Decrypt, not Citi, drew that link.
For now, the revised targets are one bank's forecast. They aren't a measure of where the market is trading today.
Frequently asked questions
Why did Citi raise its Bitcoin and Ethereum price targets?
Citi cited stronger activity across crypto markets, a supportive macro backdrop and the return of ETF inflows, Reuters reported. The bank raised its 12-month Bitcoin target to $113,000 from $82,000 and its Ethereum target to $3,028 from $2,240.
How does Citi's $113,000 target compare with Bitcoin's record high?
Bitcoin set its all-time high of approximately $126,200 in October 2025. That leaves Citi's revised $113,000 target about 10% below the peak.
Does Citi's $5 billion inflow forecast refer to spot Bitcoin ETFs?
The summary of the note doesn't make that clear. Citi forecast $5 billion of inflows over the next 12 months, but the figure could cover spot Bitcoin ETFs alone or crypto products more broadly.
