TLDR
- Citi forecasts Bitcoin will reach $133,000 by the end of 2025 and $181,000 within 12 months
- Ethereum is expected to hit $4,500 by year-end 2025 and $5,400 by October 2026
- ETF flows and institutional demand are the primary drivers behind the price predictions
- Bitcoin is Citi’s preferred crypto asset due to its size and digital gold narrative
- The bank warns recession risks could derail bullish forecasts, with Bitcoin potentially dropping to $83,000 in bear case scenarios
Citi has updated its cryptocurrency price forecasts, raising targets for both Bitcoin and Ethereum based on sustained institutional demand. The Wall Street bank released its projections on Wednesday, citing ETF flows as the main catalyst for expected gains.
JUST IN: Wall Street banking giant Citi says #Bitcoin could hit $181,000 in 12 months 🚀 pic.twitter.com/svoCD8lkid
— Bitcoin Magazine (@BitcoinMagazine) October 2, 2025
For Bitcoin, Citi now expects a price of $133,000 by the end of 2025. This represents a slight decrease from the bank’s previous forecast of $135,000. Looking further ahead, the bank sets a 12-month target of $181,000 for Bitcoin.
Ethereum’s forecast shows more growth from current levels. Citi expects Ethereum to reach $4,500 by year-end 2025, up from its earlier prediction of $4,300. The 12-month target for Ethereum stands at $5,400.

At the time of the report, Bitcoin was trading around $119,550. Ethereum was trading at approximately $4,407. Both cryptocurrencies are currently trading above their statistical activity-based metrics, according to Citi.
The bank’s analysis includes multiple scenarios beyond its base case. In a bullish scenario where equity markets rally and ETF flows accelerate, Bitcoin could reach $156,000 by year-end. The bear case paints a different picture, with Bitcoin potentially falling to $83,000 under recessionary conditions.
Bitcoin Leads Institutional Preference
Citi analysts stated a clear preference for Bitcoin over Ethereum in their report. The bank believes Bitcoin will capture a larger portion of new money flowing into crypto markets. Bitcoin’s established position and narrative as digital gold make it more attractive to institutional investors.
The cryptocurrency’s correlation with gold has strengthened over time. This relationship supports Bitcoin’s growing role in investment portfolios. Citi expects Bitcoin to benefit from its scale and longer market history compared to other digital assets.
Ethereum faces more uncertainty in Citi’s modeling. The complexity of valuing Ethereum comes from challenges in measuring user activity and value creation from Layer-2 networks. Despite these difficulties, the bank still expects flows to drive price appreciation.
ETF Flows Drive Market Dynamics
Exchange-traded fund flows remain the key factor in Citi’s bullish outlook. The bank expects institutional investors and financial advisors to continue initiating crypto investments. Both Bitcoin and Ethereum have seen strong inflows from ETFs and digital asset treasuries.
A favorable regulatory environment in the United States provides additional support for the forecasts. Citi believes positive regulation will act as a tailwind for cryptocurrency prices. However, the bank cautions that macroeconomic risks could change the outlook.
The analysts noted that both tokens are trading above levels justified by user activity alone. This premium reflects the impact of institutional demand rather than network usage. ETF flows have created pricing dynamics that extend beyond traditional metrics.
Citi’s range of scenarios reflects ongoing uncertainty in both crypto and traditional markets. The bank’s bull case for Ethereum reaches $6,100, while the bear case sits considerably lower. These wide ranges highlight the volatility still present in cryptocurrency markets.
The bank’s 12-month targets assume continued institutional adoption without major disruptions. Citi expects demand from both new and existing investors to support higher prices through 2026.