Citi Raises 12-Month Bitcoin Target to $113,000 and Ethereum to $3,028

Citigroup raised its 12-month target for Bitcoin to $113,000 from $82,000, and for Ethereum to $3,028 from $2,240, Reuters reported. The bank ties the revision to livelier activity across crypto markets, a supportive macro backdrop and the return of money to exchange-traded funds. For ETF investors and anyone holding BTC and ETH, it is a signal that one of the biggest bank research desks sees room to run again.

What exactly Citi changed

Both targets rose by roughly 35% from the previous estimates. Per CoinGecko, Bitcoin trades near $83,900 and Ethereum near $2,700. If the forecast plays out, that implies about 35% upside for Bitcoin and only 12% for Ethereum. The bank clearly bets more on the top coin than on the number two.

Even the good scenario does not take the market back to its peak. Bitcoin's record of about $126,200 was set in October 2025, and Citi's target sits roughly 10% below it. The analysts are not promising a new high. They are talking about winning back most of what was lost.

Why the bank expects ETF money

Over the next 12 months Citi expects about $5 billion of inflows into crypto. The pace should be slower but steadier, as financial advisers and brokerages gradually raise the share of Bitcoin in client portfolios. That sounds modest, but last year looked different. According to SoSoValue, spot Bitcoin ETFs finished the twelve months to September with a small net outflow, six of those months were negative, and June alone saw $4.51 billion leave.

So far in 2026 the funds have taken in $880 million, against $21.37 billion in all of 2025. Five billion is not a modest bar then. It is a trend reversal.

How the market got to these levels

Over three months Bitcoin gained almost 40% and Ethereum 68%. Year-to-date losses shrank to roughly 4% and 9%. The rebound began on August 19, when the US Treasury said it would double its longer-dated bond buybacks to at least $4 billion per operation. After that, ETFs saw inflows nine sessions in a row, about $3.08 billion since September 17. The week to September 25 brought $2.4 billion, the most since October 2025.

The momentum is already fading. On September 29 daily inflows dropped to $66 million. Bitcoin climbed above $85,000 after cooler PCE data, then slipped back. For anyone who wants to buy Bitcoin with hryvnia, this means exchanger rates depend on US flows and bond yields as much as on local demand.

Where the forecast is weak

A bank target is no guarantee, and the note itself leaves questions open. Will it be enough to hold the price up?

• The bank did not say whether the $5 billion covers only spot Bitcoin ETFs or a wider set of crypto products.
• The Clarity Act failed in the Senate last month, and Citi says the path to a market structure bill has narrowed.
• The rebound leans on macro conditions: bond yields sit near multi-year highs and could change the mood within days.

There is an upside too. After the Clarity Act collapse the SEC announced a set of rules that took some of the sting out of sentiment. The market got some clarity, just not the kind it wanted.

What will test the target

ETF flows will test Citi's marker, not research notes. While inflows hold, the price has support. If daily inflows slide back to tens of millions, the $113,000 target will look far away fast.