The leading cryptocurrency, Bitcoin, experienced a pullback after rising above $87,000. The decline began around the $82,000 level, and BTC is currently trading sideways around $83,000.
At this point, while there are both bearish and bullish predictions for BTC, Citi has raised its 12-month Bitcoin target to $113,000 and its Ethereum target to $3,000.
According to Reuters, Citi has raised its 12-month price targets for Bitcoin and Ethereum, citing increased cryptocurrency market activity, a positive macroeconomic environment, and renewed net inflows into ETFs.
The bank raised its BTC target from $82,000 to $113,000, and its ETH target from $2,240 to $3,028.
$5 Billion Expected Inflow into Crypto Assets!
Citi’s note from yesterday indicated that capital inflows into crypto assets could resume as advisors and brokerage firms gradually increase their allocations for Bitcoin. The bank added that it forecasts inflows of approximately $5 billion over the next 12 months.
At this point, the bank added that it expects inflows to be slower but more stable compared to previous periods.
He Had Lowered the Targets!
Citi had previously lowered its targets in July due to weakening ETF inflows and declining investor interest. At that time, Citi reduced its Bitcoin target from $112,000 to $82,000 and its Ethereum target from $3,175 to $2,240.
*This is not investment advice.
