Citi Raises 12-Month Bitcoin Target to $113,000 Amid Mixed Signals

Citi raised its 12-month Bitcoin (BTC) target to $113,000 from $82,000, while market data showed fresh capital entering crypto even as trading activity remained unusually weak.

The target appeared in a Sept. 30 research note. Citi also lifted its 12-month Ether (ETH) target to $3,028 from $2,240.

The bank’s outlook combines stronger crypto activity, improving macroeconomic conditions and renewed demand for exchange-traded funds. Citi also expects about $5 billion in crypto investment-product inflows over the next 12 months as advisers and brokerages gradually increase allocations.

Recent market data show a split between fund flows and trading participation. Combined Bitcoin spot-exchange and U.S. spot Bitcoin ETF volume averaged about $6.8 billion per day during the seven days through Oct. 6. That was below the level recorded on nine of 10 days since January 2024.

At the same time, about $4.9 billion entered the market during the 30 days through Oct. 5 through ETF flows, stablecoin growth and corporate treasury purchases. Bitcoin’s realized capitalization rose by about $12.8 billion during the same period. Realized capitalization measures the value of coins based on the prices at which they last moved, rather than the latest market price.

U.S. spot Bitcoin ETFs recorded $118.8 million in net inflows on Oct. 6 before registering $484.9 million in net outflows on Oct. 7. The reversal highlighted the volatility of daily fund-flow data.

Bitcoin’s one-year annualized realized volatility stood at 43.97% as of Oct. 6. Citi’s target is a 12-month forecast rather than a specified trading deadline.

The market data add context to Citi’s revised Bitcoin and Ether targets and the bank’s expectation that institutional crypto-product allocations may expand over the coming year.