Citigroup raises Bitcoin forecast to $113,000 as ETF inflows resume
Citigroup has raised its 12-month Bitcoin forecast from $82,000 to $113,000, citing renewed inflows into exchange-traded funds and favorable macroeconomic conditions. The bank also increased its Ethereum target from $2,240 to $3,028.
According to Reuters, the new targets imply an upside of around 35% for Bitcoin from its current level and roughly 12% for Ethereum. Citi expects crypto investment products to continue attracting capital gradually.
The bank estimates that inflows into Bitcoin-related products, including ETFs, could reach around $5 billion over the next 12 months. Analysts expect the asset's share in portfolios managed by investment advisers and brokers to increase gradually.
Bitcoin ETF inflows turn positive again
As of July 13, U.S. spot Bitcoin ETFs had recorded net outflows of around $5.8 billion since the beginning of the year. However, a subsequent recovery in demand reversed the trend, with net inflows for 2026 reaching approximately $800 million by the end of September.
Citi also cited the macroeconomic environment as a supportive factor. In particular, U.S. Treasury buybacks of longer-dated bonds helped revive interest in risk assets after a period in which cryptocurrencies lagged other market segments.
The bank also pointed to the regulatory environment in the U.S. Although the Senate failed to advance the CLARITY Act in mid-September, Citi said subsequent SEC decisions helped ease some of the negative sentiment surrounding the industry.
The crypto market maintained positive momentum, with Bitcoin gaining more than 10% by the end of the month following the events of September 15. Citi attributed its revised forecast to a combination of stronger crypto market activity, renewed ETF demand and macroeconomic factors.
Bitcoin ends an unusually strong September
September also proved unusually strong for Bitcoin. By the end of the month, the asset had gained around 7% and was heading for a third consecutive monthly gain despite the period's historically weak seasonality for the cryptocurrency.
The performance broke a pattern observed since 2013 in which every positive August had been followed by a Bitcoin decline in September. The result also gave the asset a stronger finish to the third quarter ahead of key events in the final part of the year.
Earlier, we reported that Bitcoin's correlation with the U.S. dollar remains limited. Changes in the DXY index explain only around 17% of the cryptocurrency's daily price movements.
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