Bitcoin to $113K? Citi Raises Target as ETF Inflows Resume

• Citi lifts its 12-month Bitcoin target from $82K to $113K amid stronger demand.
• U.S. spot Bitcoin ETFs attracted $3.08B before September’s inflow streak ended.
• Citi expects roughly $5B in crypto inflows over the next 12 months.

Citigroup has raised its 12-month Bitcoin target to $113,000 from $82,000, citing stronger crypto activity, renewed ETF inflows, and a more supportive macroeconomic backdrop. The bank also lifted its Ether target to $3,028 and expects about $5 billion in crypto inflows over the next year.

Citi Raises Bitcoin Target as Institutional Demand Returns

Citi increased its Bitcoin forecast by $31,000 in a note dated Wednesday, according to a Reuters report. The revised target represents an increase of about 38% from the bank’s previous $82,000 projection.

The bank expects cryptocurrency inflows to resume at a slower but steadier pace. Advisers and brokerages are expected to gradually increase their Bitcoin allocations as institutional participation develops.

Citi also raised its 12-month Ether target to $3,028 from $2,240. The revisions reflect stronger activity across digital asset markets and improving conditions after a weaker period for crypto investment products.

Meanwhile, Citi expects roughly $5 billion in crypto inflows over the next 12 months. The forecast indicates that the bank expects institutional demand to rebuild gradually rather than through a rapid surge.

Citi Bank makes bold Bitcoin Prediction…

Citi is taking aggressive steps to upgrade its 12-month institutional price targets.

The major American multinational investment bank has raised its $BTC target to $113,000 and the $ETH target to $3,028.

The financial institution… pic.twitter.com/g9lM24bZZg

— BSCN (@BSCNews) October 1, 2026

Bitcoin has already recovered significantly from its midyear lows. Reuters reported that Bitcoin gained nearly 40% over the previous three months, reducing its year-to-date loss to about 4%.

Bitcoin was trading near $84,000 when Citi’s revised target was reported. As a result, the $113,000 projection sits roughly 35% above current levels.  

Bitcoin ETF Inflows Strengthen Citi’s Outlook

Renewed demand from U.S. spot Bitcoin ETFs has become a key factor behind Citi’s revised forecast. The funds experienced significant outflows earlier in 2026 before reversing direction during September.

Data from Farside Investors shows that U.S. spot Bitcoin ETFs recorded approximately $3.08 billion in cumulative net inflows from Sept. 17 through Sept. 29. The funds then posted a $148.7 million net outflow on Sept. 30, ending the positive streak.

The earlier recovery followed $5.8 billion in cumulative net outflows by mid-July. By late September, however, year-to-date ETF flows had returned to positive territory, indicating that demand had recovered from the earlier weakness.

The latest withdrawal shows that ETF demand remains uneven despite the broader improvement. However, the strong inflows recorded across much of September provide recent evidence of renewed institutional interest through regulated investment products.

Citi expects this demand to continue at a measured pace. The bank therefore sees advisers and brokerages gradually increasing their Bitcoin allocations over the next 12 months.

The broader crypto market has also strengthened. Ether gained nearly 68% over three months, while its year-to-date loss narrowed to around 9%, according to Reuters.

Macro Conditions and Regulation Remain Key Factors

Citi also linked its improved outlook to changes in the broader economic environment. The bank pointed to a softer dollar and the U.S. Treasury’s increased purchases of longer-dated government bonds.

The Treasury’s bond-buyback activity helped support momentum across risk assets, according to Citi’s assessment. However, elevated Treasury yields continue to influence liquidity conditions and investor appetite.

Regulatory developments have also shaped sentiment. The U.S. Senate recently failed to advance the Digital Asset Market Clarity Act, narrowing the immediate path toward comprehensive crypto market-structure legislation.

Citi said the setback was partly offset by subsequent Securities and Exchange Commission rule announcements. Those developments helped reduce some negative sentiment surrounding the regulatory setback.

The latest forecast also remains below Citi’s earlier projections. The bank previously had a $143,000 Bitcoin target before reducing it to $112,000 and then $82,000 as ETF demand weakened.

For now, Citi’s latest revision therefore reflects a change in its assessment of institutional demand rather than a return to its highest forecast. The bank now expects Bitcoin to reach $113,000 over 12 months, supported by approximately $5 billion in anticipated crypto inflows.