Citigroup has revised its 12-month price target for Bitcoin to $113,000, up from the previous forecast of $82,000. The bank also increased its Ethereum target to $3,028. Analyst Alex Saunders attributed these adjustments to improvements in market activity, macroeconomic conditions, and ETF inflows.
The bank now projects $5 billion in ETF inflows over the next year, a significant shift from its June 30 note which had reduced the estimate to zero. This change follows Bitcoin's recent performance, including a golden cross on September 8 and a 42.7% gain in the third quarter. Ethereum also saw a 70.8% increase during the same period.
Despite the optimistic targets, market data shows cooling demand. On September 30, US spot Bitcoin ETFs recorded outflows of $148.69 million. Additionally, CryptoQuant estimates that spot demand for Bitcoin decreased by 170,000 BTC over a 30-day period. Ethereum ETFs also recently concluded a 7-day inflow streak.
The new Ethereum target suggests a potential upside of approximately 12% from current levels. While supply remains constrained, with Santiment reporting only 3.49% of Ethereum supply held on exchanges, the bank's outlook remains heavily tied to future ETF flow assumptions, which will be monitored through the end of October.
