Citigroup has raised its 12-month price forecasts for Bitcoin and Ethereum. The bank increased its Bitcoin target from $82,000 to $113,000 and its Ethereum target from $2,240 to $3,028.
According to Reuters’ October 1 report, the revision stems from the bank’s September 30 research note. Citi cited stronger cryptocurrency market activity, macroeconomic conditions and renewed inflows into exchange-traded funds.
Bitcoin target rises nearly 38%
The new forecast represents a $31,000 increase from Citi’s previous Bitcoin target. The difference between the two targets amounts to an upward revision of approximately 37.8%.
For Ethereum, the revision amounts to $788. This brings the increase in its 12-month price target to approximately 35.2%.
These percentages reflect the changes between the bank’s previous and updated forecasts. Calculating potential returns from current market prices requires comparing the targets with prices at the time of trading.
Based on the price levels cited in CoinDesk’s report, Citi’s targets implied approximately 35% upside for Bitcoin and 12% for Ethereum. However, the forecasts cover the next 12 months; they are not presented as year-end 2026 targets.
Gradual growth expected in ETF demand
Investment advisers’ and brokerages’ allocations to Bitcoin play an important role in Citi’s assessment. The bank expects inflows into cryptocurrency investment products to grow at a slower but steady pace as these firms gradually increase Bitcoin’s share of their portfolios.
Projected inflows over the next 12 months stand at $5 billion. This expectation represents one of the demand assumptions supporting the bank’s price targets.
The recent performance of U.S. spot Bitcoin ETFs also points to a recovery in demand. According to September 25 data, the funds had attracted approximately $800 million in net inflows since the start of the year.
On July 13, those same funds had recorded year-to-date net outflows of $5.8 billion. Capital returning between the summer and late September therefore fully offset the year’s earlier outflows.
The six-day inflow streak covered in the September 25 report totaled $2.84 billion. These figures show a substantial recovery in ETF demand ahead of Citi’s forecast revision.
Still, cumulative annual inflows remained below the totals for the previous two years. According to the same source, U.S. spot Bitcoin ETFs attracted $35.2 billion in net inflows in 2024 and $21.4 billion in 2025.
Treasury yields continue to weigh on prices in the short term
As Citi announced its higher price targets, Bitcoin remained sensitive to macroeconomic data. A rally following softer-than-expected U.S. inflation figures failed to produce sustained gains.
Bitcoin briefly climbed above $85,500 the previous day. It subsequently pulled back to trade just above $83,700.
The report identified elevated U.S. Treasury yields as one of the factors limiting gains in the cryptocurrency market. The U.S. 10-year Treasury yield hovered around 5.3%, while the 30-year yield remained near its highest levels since 2002.
These conditions illustrate how long-term price expectations and daily market movements can move in different directions. While sustained ETF inflows feature prominently in Citi’s forecast, inflation data, interest rate expectations and bond market movements continue to influence short-term prices.
