Citi turns bullish on Bitcoin again with a $113,000 price target

Citigroup has changed its mind about Bitcoin. Again.On September 30, 2026, the bank raised its 12-month Bitcoin price target to $113,000, up from $82,000. That puts the new call roughly back where Citi stood before it slashed its outlook in July.The revision matters because it comes from one of the largest banks in the US. It also lands while Bitcoin sits well below its all-time high.The headline number is the Bitcoin target. As of October 1, 2026, Bitcoin traded between $83,900 and $84,100. Measured against Citi's new $113,000 figure, that implies about 35% of upside over the next year.Ether got a similar upgrade. Citi lifted its 12-month target for the second-largest crypto asset to $3,028, up from $2,240. That works out to a 35% increase in the target itself.The bank also put a number on the money it expects to arrive. Citi forecasts $5 billion in crypto inflows over the next 12 months, with the pace building gradually. The thesis rests on financial advisors and brokerages slowly expanding their crypto allocations.Citi pointed to a mix of macro and regulatory factors behind the upgrade. On the macro side, concerns about currency debasement have been building. US Treasury bond buybacks have also helped soften the dollar.The regulatory picture also played a role. The Senate failed to advance the Clarity Act, a legislative setback for the industry. But SEC rulemaking has since given market sentiment a lift, according to the research behind Citi's revision.ETF flows tell a similar story of slow recovery. After a rough stretch, inflows into crypto exchange-traded funds are estimated to have turned slightly positive by late September 2026. The estimated total came to about $800 million.Citi's new optimism is notable mainly because of how recently it was pessimistic. In July 2026, the bank cut its Bitcoin target from $112,000 to $82,000. At the time, Citi cited stagnant ETF inflows and legislative hurdles.So in roughly two months, Citi went from $112,000 to $82,000 and then to $113,000. It's also worth noting where Bitcoin has been. The asset hit a peak of $126,200 in October 2025. Even Citi's upgraded target sits below that high.The most important part of Citi's note may not be the price target at all. It's the $5 billion inflow forecast and the mechanism behind it: financial advisors and brokerages expanding crypto allocations.For Ether, the matching 35% bump in the target signals that Citi isn't only making a Bitcoin call. The bank appears to see the same macro and regulatory tailwinds lifting the broader market.The ETF recovery is still modest, with roughly $800 million in estimated inflows after a difficult period. The Clarity Act's failure in the Senate leaves the industry relying on SEC rulemaking rather than legislation. Agency rules can be revised by future leadership far more easily than a statute can be repealed. The macro case also depends on the dollar staying soft and debasement worries staying elevated — if Treasury buybacks slow or the dollar firms up, one of the main pillars of Citi's thesis loses strength.