Citigroup raised its 12-month Bitcoin price target to $113,000 from $82,000 on Thursday, citing renewed interest in cryptocurrencies and improved market sentiment, according to fortune.com. The investment bank also increased its forecast for Ethereum, the second-largest cryptocurrency, from $2,240 to $3,028. The new targets follow a recent rally in Bitcoin prices after a prolonged slump.
The upward revision comes after Bitcoin's price fell from $124,000 in October 2025 to a low of $58,000 in June 2026. The turnaround began in mid-August when the U.S. Treasury Department announced a buyback of longer-dated bonds, which helped trigger a price jump. By September, Bitcoin surpassed $80,000 for the first time in four months and has since maintained that level. Citigroup highlighted that inflows into crypto-backed exchange-traded funds (ETFs) are expected to reach $5 billion over the next year, supporting the price surge.
Citigroup attributed the price momentum to several factors, including the Treasury's bond-buyback program and a weakening U.S. dollar, which together are expected to revive demand for digital assets. The investment bank noted that spot Bitcoin ETFs had experienced nearly $7 billion in outflows during May and June 2026, but recent reversal in ETF flows will contribute to Bitcoin's price gains. The forecast aligns with broader market trends showing increased institutional interest in cryptocurrencies.
Ethereum's price target was raised to $3,028, reflecting similar positive sentiment in the crypto market. Citigroup's forecast underscores a potential $5 billion inflow into crypto-backed ETFs over the next year, signaling renewed investor confidence. The bank's updated outlook was published on October 1, 2026, marking a significant shift in expectations for digital asset performance.