Banking giant sets Bitcoin price target

Bitcoin’s (BTC) 33% rally since mid-August spurred investors and on-chain analysts, but also, as it turned out by October 1, major banks to take a more bullish stance toward the cryptocurrency market.

Specifically, in a note dated September 30, Citi (NYSE: C) revised its BTC price target for the next 12 months. Previously, and amidst the bear market that gripped digital assets through most of 2026, the banking giant was expecting Bitcoin to trade at $83,000 in 2027.

Following the revision, however, Citi forecasts a steady climb toward the all-time high (ATH) recorded in late 2025; though, with the new price target standing at $113,000, it does not see the cryptocurrency setting a new record within the timeframe.

According to the bank, the bullish change was driven by the recent rally, substantial exchange-traded fund (ETF) inflows – a metric it also expects to expand to $5 billion in the next 12 months – but also by regulators like the SEC and CFTC stepping in to fill the gap left by Congress failing to pass the CLARITY Act.

Lastly, the $113,000 forecast appears short of estimating that a new ATH will come through the third quarter (Q3) of 2027, due to Citi foreseeing cryptocurrency inflows slowing down despite also predicting they would remain relatively steady.