Citi Sets Bitcoin Price Target to $113,000 as BTC Posts Strongest Q3 Since 2017

Citigroup has lifted its 12-month price target for Bitcoin, highlighting the fresh demand for crypto ETFs in the market. The bank lifted its $BTC price target from $82,000 to $113,000, a jump of about 35% from its current price, Reuters reported.

Citi turns bullish on crypto amid inflow returns

The bank updated its projections based on a few factors. Citi said it expects money to keep flowing into crypto investment products like ETFs, though at a steadier pace than past rallies.

Financial advisers and brokerages are gradually increasing how much $BTC they're willing to hold in client portfolios, according to the bank. Based on that trend, it forecasts about $5 billion in new inflows into the crypto’s products over the next 12 months.

This projection is backed by the recent trend seen in the market. U.S. spot Bitcoin ETFs had been bleeding money since the year began, recording $5.8 billion in net outflows as of July 13.

However, that has changed. By late September, net inflows for 2026 had climbed to around $890 million, erasing the previous losses.

Citi also pointed to U.S. Treasury intervention in the economy as a factor that took the crypto market out of its dry spell. The bank said the Treasury's decision to buy back longer-dated government bonds helped to revive the lost momentum.

The bank also raised its price target for Ethereum, increasing its target from $2,240 to $3,028, an increase of about 12% from its current price.

Bitcoin wraps up its strongest third quarter in years

Citi's upgraded price comes as Bitcoin closes out one of its best third-quarter performances. The token's strong run between July and September marks its best third-quarter showing since 2017. This is a notable milestone given how volatile the coin typically gets in “Red September.”

Bitcoin and Ethereum have particularly seen meaningful gains this quarter since their weak start to the year. ETH even performed better than $BTC, rising by around 70%

The timing of the bank’s projection is notable given how much sentiment surrounding crypto has shifted over just the past months. Earlier in the year, persistent ETF outflows had raised concerns that institutional interest in Bitcoin was cooling.

Citi's new note suggests that the trend has totally reversed. For instance, Michael Saylor’s firm has now resumed its Bitcoin purchases after previously taking a break amid the market weakness. Strategy purchased more $BTC tokens this week, lifting its holdings by 1,666 $BTC.

The bank’s bull call follows a pattern across Wall Street as institutions continue to return back to the market. Bitwise recently noted that even sovereign wealth funds are selling their gold for $BTC as the coin surges ahead.