Citigroup Predicts Bitcoin Could Climb to $231,000 in 12 Months

Boluwatife Adeyemi
2 hours ago
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
An image of Bitcoin's logo and Citigroup's building

Highlights

  • The banking giant has set a target of $231,000 for Bitcoin in the next 12 months as their bull case.
  • The base case is that BTC could reach $181,000.
  • The bear case if that the flagship crypto drops to $82,000.

Banking giant Citigroup has revised its Bitcoin prediction to $231,000 in the next 12 months, marking this as the bull case for the flagship crypto. Citigroup also outlined its Ethereum prediction and how high the largest altcoin by market cap could reach within a similar period.

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Citigroup Predicts Bitcoin Rally To $231,000 As Bull Case

The banking giant predicted that BTC could rally to $231,000 as their bull case, while the base and bear cases for the flagship crypto are $181,000 and $82,000, respectively. Meanwhile, they forecast that the flagship crypto could reach $132,000 by year-end, which would mark a new all-time high (ATH).

Furthermore, Citigroup expects continued upside from investor demand next year, noting that the flagship cryptocurrency is trading above statistical measures based on user activity. The banking giant also expects positive flows into Bitcoin to continue, which the firm predicts will come through increased adoption as institutional investors and financial advisors initiate crypto investments.

Citigroup also predicted that the Ethereum price could reach $7,300 in the next 12 months as their bull case for the altcoin, while $5,400 and $2,000 are the bear cases, respectively. They expect ETH to reach $4,500 by year-end. The firm had earlier predicted that ETH could crash to $4,300 by year-end, although the altcoin dropped below that level shortly after, reaching as low as $4,000 in the process.

Meanwhile, Citigroup stated in its most recent research report that they are more positive on Bitcoin compared to Ethereum, as the former captures an outsized portion of incremental flows into crypto markets. They suggested that there is uncertainty around the investor demand for ETH and user activity on the Ethereum network, with this uncertainty reflected in the targets for the altcoin.

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Massive Inflows Return For BTC

Citigroup’s revised Bitcoin prediction comes just as the BTC ETFs see record daily net inflows again. According to SoSoValue data, these funds have recorded over $1.6 billion in inflows over the last three days.

On October 1, they recorded $675.81 million in net inflows, marking their biggest daily outing since September 10, when they saw a net inflow of $757.14 million. This development also coincides with the BTC price rally, which began yesterday, with the flagship crypto rising from around $114,000. The flagship crypto is already up 4% to start the month, currently trading above $119,000.

Bitcoin Daily Chart
Source: TradingView; Bitcoin Daily Chart

As CoinGape reported, another recent positive for Bitcoin was the ADP jobs report released yesterday, which showed that the labor market is still weakening. As a result, the odds of a Fed rate cut at the October FOMC meeting have risen to 99%.

The market is possibly pricing in the possibility of the Fed cutting rates, which has also contributed to the rally at the start of this month. Meanwhile, it is worth mentioning that October is BTC’s second-best-performing month, recording an average gain of over 20% in this month over the years.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.