Citi raises Bitcoin 12-month target to $113,000 as ETF demand returns

What happened

Citi raised its 12-month Bitcoin price forecast to $113,000 from $82,000 on October 1, an increase of $31,000. The bank also lifted its 12-month Ether forecast to $3,028 from $2,240. Blockonomi reported the same revised targets.

Citi said the revision reflected stronger crypto activity, a more supportive macro backdrop and renewed ETF inflows. The new Bitcoin forecast sits about 35% above a market level near $83,900, and the Ether target about 12% above a price near $2,697.

The bank expects advisers and brokerages to raise Bitcoin allocations gradually instead of in large shifts. Citi forecasts about $5 billion of crypto inflows over the next 12 months.

Why it matters

Cryptonews.com described the forecast as a 12-month reference point rather than an entry signal on its own. The site said the target becomes more credible only if ETF demand returns and builds in line with Citi's gradual-allocation scenario.

Flow data is the swing factor. U.S. spot bitcoin ETFs recorded $5.8 billion in net outflows for 2026 through July 13, and later inflows erased that deficit, leaving roughly $800 million in net inflows by late September, Blockonomi reported.

Bitcoin gained more than 10% before September ended and reclaimed its 50-week moving average, Blockonomi said. Cryptonews.com reported a rise of nearly 40% over the three months through October 1, which narrowed the year-to-date loss to about 4%.

What the data shows

The Bitcoin target rose by $31,000, about 37.8% above Citi's previous forecast.

The Ether target moved to $3,028 from $2,240. Citi's Bitcoin forecast is about 35% above the market level near $83,900, while the Ether target is about 12% above a price near $2,697.

Citi's inflow estimate of about $5 billion covers the next 12 months.

Background

The Senate failed to advance the Clarity Act on September 15, Blockonomi reported. The report said later SEC rule announcements reduced some of the market's negative reaction.

Cryptonews.com said Bitcoin's recovery from its July lows coincided with a softer dollar and the U.S. Treasury's move to buy back longer-dated bonds, and noted the timing does not prove either factor alone caused the advance. Blockonomi cited market coverage of a $6 billion long-bond buyback by the U.S. Treasury.

What is still unclear

• The reports leave open whether gradual allocations can support the upgrade without a sharper move in demand.
• If outflows return, the demand case behind the upgrade weakens, Cryptonews.com said.

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