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Citi targets $113,000 for Bitcoin within 12 months

Citi’s call implies about a 36% rise from an Oct. 7 reference price of $83,085, and it would be below Bitcoin’s prior record of $126,198.07.

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Citi has set a 12 month Bitcoin price target of $113,000, a level that would require roughly a 36% gain from a reference price of $83,085 on Oct. 7, while still sitting below Bitcoin’s previous record of $126,198.07, according to CryptoSlate citing Reuters.

CryptoSlate says the bank updated its forecast on Oct. 1 to reflect stronger activity, supportive macro conditions, and renewed ETF inflows, and it also projected $5 billion of crypto inflows over the following year as advisers and brokerages gradually increase allocations.

CryptoSlate adds that onchain analytics firm Glassnode’s new analysis points to new money entering the market alongside unusually thin trading, leaving uncertainty around whether buying participation can sustain a recovery to Citi’s target.

Using a fixed circulating supply figure of 20.09 million BTC, Citi’s $113,000 target would correspond to a quoted market capitalization of about $2.27 trillion, an increase of about $601 billion, CryptoSlate reported.

Latest closeBitcoin $82,234.75 ▼1.2%

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