Citi hikes Bitcoin, Ethereum price targets by over 35%

Citigroup hiked its 12-month price targets for Bitcoin (BTC) and Ethereum (ETH) by over 35%, Reuters reported on Oct. 1.

The latest forecast comes only months after the bank had trimmed both price targets.

Related: Legendary trader who nailed Bitcoin's 2018 crash makes bold new call

When Citi slashed Bitcoin, Ether targets in July

As reported earlier, Citi lowered its price targets for Bitcoin from $112,000 to $82,000 ​and for Ether from $3,175 to $2,240 on July 1. In a bearish case, it expected Bitcoin to trade at $53,000 and Ether at $1,094 over the next year.

The bank attributed its July decision to lower investor appetite, exchange-traded fund (ETF) outflows, and the lack of progress on the U.S. crypto legislation.

Popular on TheStreet Roundtable:

Citi raises Bitcoin, Ether price targets on stronger crypto activity

As per the latest Reuters report, Citi has now raised its price targets, owing to stronger crypto activity, a ​supportive macroeconomic backdrop, and a resumption of ‌ETF inflows.

The bank said it expects ​crypto inflows to resume at a slower ⁠but steadier pace — expecting inflows worth $5 ​billion over the next 12 months — as wealth managers increase BTC allocations over time.