Bitcoin gets 'base case' price target of $143,000 at Citigroup

AI Summary3 min read

TL;DR

Citigroup forecasts Bitcoin could reach $143,000 within 12 months as its base case, driven by revived ETF demand and positive market forecasts. The bear case predicts $78,500 amid a global recession, while the bull case sees $189,000 with increased investor demand.

Key Takeaways

•Citigroup's base case forecasts Bitcoin rising to $143,000 within 12 months, driven by revived ETF demand and positive market outlook.
•Analysts identify $70,000 as a key support level for Bitcoin, noting it was the price ahead of Trump's 2024 election victory.
•The bear case predicts Bitcoin falling to $78,500 if a global recession occurs, representing over 10% decline from current levels.
•The bull case projects Bitcoin reaching $189,000 with increased end-investor demand, more than doubling from current prices.
•Regulatory catalysts like the Clarity Act could drive further adoption and fund flows into digital assets.

Bitcoin (TheDigitalArtist/Pixabay) — Citigroup forecasts a $143,000 bitcoin within the next 12 months.

What to know:

Citigroup's base case for bitcoin (BTC) is a rise to $143,000 in 12 months.
Analysts highlight $70,000 as key support, with the potential for a sharp rise due to revived ETF demand and positive market forecasts.
The bear case sees bitcoin falling to $78,500 amid a global recession, while the bull case predicts a rise to $189,000 due to increased investor demand.

Citigroup's base case for bitcoin (BTC) is a rise to $143,000 in 12 months.
Analysts highlight $70,000 as key support, with the potential for a sharp rise due to revived ETF demand and positive market forecasts.
The bear case sees bitcoin falling to $78,500 amid a global recession, while the bull case predicts a rise to $189,000 due to increased investor demand.

Amid the recent bearish price action, the headline on Citigroup's 12-month outlook for bitcoin BTC$88,223.33 of $143,000 — or about 62% upside from the current $88,000 — will raise some eyebrows.

“We forecast increased adoption of digital assets, spurred by potential U.S. digital-asset legislation in the second quarter, with bitcoin likely ranging into the new year around $80,000-$90,000 user-activity values,” Citi analysts Alex Saunders, Dirk Willer and Vinh Vo said in their joint report.

They said to keep an eye on the $70,000 level as key support, noting that was roughly bitcoin's price just ahead of Donald Trump's 2024 election victory.

Their base case 12 months out is for a sharp rise to $143,000, driven, they said, by revived ETF demand and positive stock market forecasts. Regulatory catalysts — in particular passage and signing of the Clarity Act (already passed in the House) — should drive further adoption and fund flows, they added.

But there's also a bear case, and the group pegs that target at a lowly $78,500, or down more than 10% from current levels. They believe a global recession would be the catalyst.

The bull case would be $189,000, or more than doubling from current levels, and that would be thanks to increased end-investor demand, they said.

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Bitcoin bounced above $89,000 overnight, but bulls are once again struggling to maintain gains in the U.S. session.
ETH, SOL, SUI lead the altcoin rebound, up over 5% from Thursday's lows.
U.S. equities are showing strength, also helping to boost crypto-related stocks like BitMine and Galaxy.

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