Citi, the global banking giant, has renewed its price target for Bitcoin as per its recent prediction that BTC could hit $181,000 in 12 months. It urged in a note to its clients that it sees the biggest cryptocurrency ending the year at $132,000.
As per Yahoo Finance, the analyst at Citi said, “ We are updating our forecasts for Bitcoin and Ether, establishing 12-month price targets anticipating modest upside into year-end with further gains expected next year due to investors’ demand.”
Citi highlighted that both Bitcoin and Ether are “trading above statistical measures based on activity supported by strong flows from ETFs and digital assets treasuries.”
According to BitcoinTreasuries, publicly listed companies collectively hold 1,039,343 BTC, and yet the total holding of ETFs and Exchanges is 1,652,765 BTC.
Citi also argues that positive flow backdrops continue as “crypto investments are initiated by institutional investors and financial advisors, further aided by a positive regulatory environment, particularly in the United States.”
Nearly one dozen banks have already opened their doors for cryptocurrencies, especially for Bitcoin, followed by Ethereum, and in many cases, the banks have already begun offering investment opportunities for corporate clients.
JPMorgan remains super positive over Bitcoin
Ash Crypto said in its most recent post that the trillion-dollar asset market has also changed its prediction over Bitcoin, arguing that it could reach $165,000.
JPMorgan said Bitcoin is undervalued compared to gold and could hit a market of $165k. Over the past few trading sessions, Bitcoin has shown a continued bullish movement towards $12,000, and when writing, it is trading at $119,457 with a weekly surge of 7.41%.
Currently, the market capitalization is $2.38 trillion with an intraday surge of 2.58% placing it at 6th position above Amazon, which has a market cap of $2.379 trillion.