Citigroup Predicts Bitcoin to Hit $231K, Ethereum to $4.5K as ETFs See Influx
Citigroup has shared its outlook on cryptocurrencies, with optimistic projections for both Bitcoin and Ethereum. Meanwhile, Bitcoin ETFs have seen significant inflows, and the market awaits the Federal Reserve's decision on interest rates.
Citigroup's analysts predict Bitcoin could reach $231,000 in the next 12 months, driven by ETF flows. This bullish forecast is part of a range that includes a base case of $181,000 and a bear case of $82,000. The bank also expects Bitcoin to reach $132,000 by the end of this year.
Ethereum's price projections are slightly more conservative. Citigroup expects it to reach $4,500 by the end of the year, with a bull case of $7,300 and a bear case of $2,000. The base case for Ethereum is $5,400.
Bitcoin's price has already seen a 4% increase this month, currently trading above $119,000. Bitcoin ETFs have also seen substantial inflows, with over $1.6 billion recorded in the last three days alone, including $675.81 million on October 1.
The market is abuzz with anticipation as Citigroup's optimistic projections for Bitcoin and Ethereum suggest a potential rally. Meanwhile, the Federal Reserve is expected to cut rates at the October FOMC meeting, which could further influence cryptocurrency prices.
