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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.
Bitcoin price performance in 2026
Meanwhile, following months of weakness, Bitcoin saw a rapid reversal in mid-August when it soared 25% in less than two weeks. Furthermore, despite the slight correction that followed the move, BTC enjoyed another rally 14% one-week rally in September, extending the combined gains to 33% .
Still, the world’s premier cryptocurrency remains – at its press time price of $83,932 – 3.98% in the red year-to-date (YTD), considering it started the year at $87,412.
Bitcoin price YTD chart. Source: GoogleSimilarly, assuming Citi anticipates a slowdown in the price action and not just inflows, Bitcoin’s total 34.63% forecasted rally appears only somewhat likely to flip the digital asset into the green YTD, and fairly unlikely to see it reclaim the 2026 highs above $96,000.
Citi boosts Ethereum price 12-month forecast by 35%
Elsewhere, Citi’s bullish reassessment was notably not confined to BTC alone. Within the same note, the banking giant also upgraded its Ethereum (ETH) price forecast by 35.18%: from $2,240 to $3,028.
Ethereum price one-year chart. Source: GoogleConsidering that, after a 34.95% 12-month drop, ETH is trading at $2,696 at press time on October 1, it would appear that Citi anticipates a 12.31% rally by the end of Q3 2027.
Featured image via Shutterstock
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