Citigroup has raised its 12-month price target for Bitcoin to $113,000 from $82,000, while increasing its forecast for Ether to $3,028 from $2,240, as cryptocurrency activity and investor demand show signs of strengthening.
The revised forecasts were outlined in a Citi note dated Wednesday and reported by Reuters on Oct. 1. The bank cited three main factors behind the changes: stronger activity across crypto markets, a more supportive macroeconomic environment and a resumption of inflows into crypto exchange-traded funds.
READ: Citi lowers Bitcoin and Ether outlook as crypto ETF inflows slow (July 1, 2026)
Citi expects cryptocurrency inflows to return at a slower but steadier pace as financial advisers and brokerages gradually increase their allocations to Bitcoin. The bank forecasts about $5 billion in crypto inflows over the next 12 months.
Bitcoin and Ether have also posted strong gains over the past three months. Reuters reported that Bitcoin had risen nearly 40%, while Ether had gained about 68%, narrowing their year-to-date losses to roughly 4% and 9%, respectively. Bitcoin had risen about 40% from its July low as a softer dollar helped revive momentum across cryptocurrency markets.
The updated Bitcoin target represents a significant reversal from Citi’s more cautious outlook earlier this year. The bank began 2026 with a $143,000 target, reduced it to $112,000 in March and then cut it again to $82,000 in July as ETF demand weakened and concerns grew about digital-asset treasury companies potentially becoming sellers.
Citi’s revised outlook comes despite a recent setback for U.S. cryptocurrency legislation. The Senate last week failed to advance the Clarity Act, which was intended to establish a regulatory framework for digital assets and clarify the roles of the Securities and Exchange Commission and Commodity Futures Trading Commission.
READ: Indian Gaming Association backs Democrats seeking changes to crypto market bill before vote (September 15, 2026)
Citi said the bill’s failure narrowed the path toward a broader market-structure law, but also noted that subsequent SEC rule announcements helped reduce some of the negative sentiment surrounding the setback.
The bank also pointed to broader macroeconomic factors, including a weaker dollar and renewed momentum across risk assets, as supportive factors for cryptocurrencies.
Citi’s latest projections are forecasts rather than guarantees, and the bank’s targets remain dependent on continued crypto activity, ETF demand and broader financial market conditions.