Wall Street's Major Banks Also Raised Bitcoin's Outlook! Citi, Target Price $83,000 → $113,000

▲ Bitcoin (BTC) Bull Market ©

Global bank Citi has significantly raised Bitcoin (BTC)'s 12-month target price from the previous $83,000 to $113,000. A 33% price rebound since mid-August, spot ETF inflows, and changes in the regulatory environment were cited as reasons for the upgraded outlook, but Citi did not expect Bitcoin to reach a new all-time high during this period.

According to cryptocurrency specialized media Finbold on October 1 (local time), Citi revised Bitcoin's 12-month target price to $113,000 in its September 30 report. Citi had previously projected BTC's price at $83,000 for 2027 amidst a crypto bear market that dominated most of 2026, but has now raised its expectations to reflect recent market conditions. The new target price approaches the all-time high (ATH) recorded at the end of 2025, but does not anticipate a new all-time high.

The key reasons for the upgraded outlook are the recent price increase and inflows into Exchange Traded Funds (ETFs). Citi expects ETF inflows to expand to $5 billion over the next 12 months. Additionally, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) stepping in to fill regulatory gaps after the U.S. Congress failed to pass the CLARITY Act was also considered a factor supporting the bullish outlook. However, while anticipating a slowdown in cryptocurrency inflows in the future, Citi still expects a relatively stable trend to continue.

After several months of bearish trends, Bitcoin quickly reversed course from mid-August. It surged by 25% in less than two weeks, then underwent a slight correction, followed by another 14% increase in a week in September, bringing the cumulative gain since mid-August to 33%. However, as of October 1, BTC was trading at $83,932, which is still 3.98% lower year-to-date (YTD) compared to its price of $87,412 at the beginning of the year.

From the current price, the potential increase to Citi's $113,000 target price is 34.63%. However, the media pointed out that if Citi assumes a slowdown not only in inflows but also in the rate of price increase, then while this forecast could bring Bitcoin back into positive territory year-to-date, it is uncertain how quickly it would recover above its 2026 high of $96,000. Citi's target price itself does not anticipate a new all-time high until Q3 2027.

Citi's upgraded outlook was not limited to Bitcoin. Ethereum (ETH)'s 12-month target price was also raised by 35.18% from the previous $2,240 to $3,028. ETH has fallen by 34.95% over the past 12 months and was trading at $2,696 as of October 1. Based on the current price, there is a potential upside of 12.31% to Citi's target price, indicating that Citi has provided higher price forecasts for both Bitcoin and Ethereum than before.

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