Citi Forecasts Optimistic 12-Month Outlook for Bitcoin and Ethereum
Financial institution Citi has released its updated projections for the price of the top two cryptocurrencies. A note published Wednesday outlines a 12-month price expectation of $181,000 for bitcoin and $5,440 for ethereum.
Citi analyst Alex Saunders indicated in the report that the firm holds a “more favorable view of Bitcoin relative to Ether, citing its capacity to capture a significant share of incoming funds within the cryptocurrency space.” However, the year-end price target for Bitcoin was adjusted slightly downward from $135,000 to $133,000, taking into account the impact of a stronger dollar and weaker gold prices.
Conversely, the predicted year-end price for Ethereum received an upward revision, increasing from $4,300 to $4,500. This adjustment is attributed to increased inflows driven by factors such as the rising interest in the network following “stablecoin regulation increasing interest in the network and tokenization and the rise of DATs.”
The adoption of Ethereum-based treasuries has become increasingly prominent in the digital asset treasury (DAT) sector. Notable examples include BitMine Immersion Technologies and SharpLink Gaming, both of which have launched DATs and amassed substantial Ethereum holdings within the latter half of the current year.
Currently, Bitmine possesses 2,650,900 ETH, valued at $11.7 billion, while SharpLink holds 838,728 ETH, worth $3.7 billion. As a point of comparison, Strategy, known as the largest corporate bitcoin holder, has a portfolio of 640,031 BTC, with a total valuation of $47.3 billion.