Wall Street bank Citigroup (C) has issued a bullish new forecast for Bitcoin (BTC).
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Analysts at Citigroup forecast that Bitcoin will hit $135,000 by year’s end but could rise to $199,000 in the most bullish scenario. Citigroup sees Bitcoin’s price being pushed higher in coming months by rising exchange-traded fund (ETF) inflows.
In its most bearish outlook, Citigroup says that BTC could fall to $64,000, its previous low, should macroeconomic conditions in the U.S. deteriorate. The crypto analysts at Citigroup note that ETF demand now accounts for over 40% of Bitcoin’s price variation, making it a key input alongside macroeconomic indicators.
ETF Inflows
The bank adds in a note to clients that its forecast is skewed to the upside as ETF inflows continue to accelerate. Citigroup’s forecast assumes $15 billion in additional ETF inflows this year, which will add around $63,000 to the largest crypto by market capitalization.
The optimistic projections for BTC come as its price continues to decline and has fallen to $115,000 as investors rotate into Ethereum (ETH). At its current price of $3,600, Ethereum has risen more than 50% in the last month and is now at its highest level of 2025. Analysts are forecasting that ETH could be trading between $8,000 and $10,000 by year’s end.
BTC is currently up 24% on the year and hit an all-time high of $123,000 earlier in July.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of BTC has risen 25.99% in the last 12 weeks.
