Important points
- Citigroup has set a 12-month base price target for Bitcoin at $143,000, driven by ETF demand.
- Institutional investor interest through Spot Bitcoin ETF is driving the bullish forecast for BTC.
Citigroup analysts set a fundamental price target for Bitcoin over the next 12 months at $143,000 in a newly released report, citing renewed demand for spot exchange-traded funds (ETFs) and expectations for supportive macroeconomic conditions.
The report cites $70,000 as a key support level as institutional investors continue to funnel money through Spot Bitcoin ETFs, which could lead to a sharp rise from current levels.
In a bearish scenario, analysts expect Bitcoin to fall to $78,500 in the event of a global recession. In a more optimistic scenario, the report predicts a price of $189,000 due to accelerating investor demand.
