Citigroup: Raised the target prices for Bitcoin and Ethereum over the next 12 months to $113,000 and $3,028 respectively

According to a report by Reuters, Citigroup has raised its price forecasts for Bitcoin and Ethereum over the next 12 months, citing reasons such as increased activity in the cryptocurrency market, a supportive macroeconomic environment, and the resumption of ETF fund inflows. Citigroup has raised its 12-month target price for Bitcoin from $82,000 to $113,000, and its target price for Ethereum from $2,240 to $3,028.

In a report released on Wednesday, Citigroup stated that it expects fund inflows into the cryptocurrency market to resume, but at a slower and more stable pace than before, as advisory firms and brokerages gradually increase their Bitcoin allocations, which is expected to sustain fund inflows. Citigroup anticipates that $5 billion will flow into the cryptocurrency market over the next 12 months. The U.S. Senate failed to advance the CLARITY Act last week. This bill aims to establish a regulatory framework for digital assets, and its obstruction poses a certain setback for the entire cryptocurrency industry. After the U.S. Treasury recently repurchased long-term government bonds, the dollar weakened, reigniting upward momentum in the cryptocurrency market.