Citigroup has outlined a bullish medium-term outlook for bitcoin, projecting that the cryptocurrency could reach $135,000 by the end of 2025 in its base-case scenario. The bank said the forecast is supported by strong demand from U.S. spot bitcoin ETFs, expanding user adoption, and favorable macroeconomic trends.
Base, Bull, and Bear Scenarios
According to Citi’s report, bitcoin could climb as high as $199,000 in a bull-case scenario if ETF inflows accelerate further and adoption broadens more quickly. On the downside, the bank sees a bear-case outcome of $64,000 if regulatory pressure intensifies or economic conditions deteriorate.
Bitcoin has traded in a range of roughly $115,000 to $120,000 over the past week, showing resilience despite mixed U.S. economic data. Citi noted that institutional participation, especially through ETF channels, has accounted for more than 40% of recent price movements. Demand from corporate treasuries has also added support to the market.
Deeper Integration With Traditional Finance
The report underscores bitcoin’s growing role inside traditional financial markets. As major financial institutions become more vocal about the asset, market attention has increasingly focused on how ETF flows and corporate allocation strategies are reshaping price dynamics. Reaction on social platform X was broadly optimistic, with many users viewing the forecast as another sign of rising Wall Street confidence in bitcoin.
While Citi’s analysis includes clear downside risks, its base and bull cases both point to the same broader trend: bitcoin is becoming more deeply embedded in mainstream finance, with institutional demand and wider adoption serving as key drivers of its next phase.