Citigroup has lifted its 12-month price targets for the two largest cryptocurrencies, according to Reuters. The bank raised its Bitcoin target from $82,000 to $113,000 and increased its Ethereum target from $2,240 to $3,028. Citi said the revision reflects stronger activity across the crypto market, a supportive macroeconomic backdrop, and a renewed recovery in exchange-traded fund inflows. The bank also expects roughly $5 billion in capital inflows into the crypto market over the next 12 months. The update points to a more constructive view from Citi on near-term market conditions for digital assets, based on the factors it cited in the report. The original item was published by PANews on Oct. 1 and cited Reuters as the source. The content was presented as market information and not as investment advice.
Citigroup has raised its 12-month price target for Bitcoin to $113,000 from $82,000 and lifted its Ethereum target to $3,028 from $2,240, according to Reuters.
Why Citi revised its targets
Citi said the higher targets were based on stronger activity in the crypto market, a supportive macroeconomic environment, and a recovery in exchange-traded fund inflows.
The bank also expects about $5 billion in inflows into the crypto market over the next 12 months.
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