Citigroup raises Bitcoin and Ethereum 12-month price targets to $113,000 and $3,028, respectively.
TechFlow reports that on October 1, according to Reuters, Citigroup has raised its 12-month price targets for Bitcoin and Ethereum. The Bitcoin target has been increased from $82,000 to $113,000, and the Ethereum target has been raised from $2,240 to $3,028.
In Wednesday’s report, Citigroup projected that crypto market capital inflows would resume, though at a slower pace than earlier forecast, with overall conditions stabilizing. Inflows are expected to remain steady as investment advisors and brokerages gradually increase their Bitcoin allocations. Citigroup forecasts $5 billion in new capital entering the crypto market over the next 12 months.
The report also highlighted that the U.S. Senate failed to move forward with the CLARITY Act last week, legislation designed to establish a regulatory framework for digital assets. Furthermore, a weakening dollar following the U.S. Treasury’s recent repo operations for long-term Treasuries has reinvigorated the upward trend in the crypto market.
