Citi: Raises 12-month price targets for Bitcoin and Ethereum to $113,000 and $3,028.

BlockBeats news, October 1st, according to Reuters, Citigroup has raised its price forecasts for Bitcoin and Ethereum over the next 12 months, citing increased activity in the crypto market, a supportive macroeconomic environment, and the resumption of ETF fund inflows.

Citigroup raised its 12-month target price for Bitcoin from $82,000 to $113,000, and its target price for Ethereum from $2,240 to $3,028.

In a report released on Wednesday, Citigroup said it expects capital inflows into the crypto market to resume, but at a slower and more stable pace than before, and inflows are expected to continue as investment advisors and brokerages gradually increase Bitcoin allocations. Citigroup expects $5 billion in capital inflows into the crypto market over the next 12 months. The U.S. Senate failed last week to advance the CLARITY Act. The bill aimed to establish a regulatory framework for digital assets, and its blockage represents a certain setback for the entire crypto industry. After the U.S. Treasury recently repurchased long-term government bonds, the dollar weakened, which reignited the upward momentum in the crypto market.