Citi Predicts Bitcoin Will Hit $113,000 and Ether Will Reach $3,028: Why a Bigger Upside for Bitcoin?
Citigroup just updated its crypto price targets, but the numbers reveal a striking gap between what it expects from Bitcoin versus Ether, even as Ether has been the stronger performer lately. The reason why comes down to how institutional money…
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On October 1, 2026, Citigroup (NYSE: C | C Price Prediction) raised its 12-month price forecasts for cryptocurrencies. Citi’s new Bitcoin price target of $113,000 (CRYPTO: BTC) is significantly higher than its $3,028 forecast for Ethereum (CRYPTO: ETH).
Bitcoin is currently priced around $85,975, indicating Citi expects a rise of about 31.4%. Meanwhile, Ether is trading near $2,730, with an expected increase of just 10.9%. Given that Ether has outperformed Bitcoin over the past 90 days, why does the same bank project a much smaller upside for the cryptocurrency that has been gaining traction?
Citi’s $5 Billion ETF Inflow Forecast Favors Bitcoin First
Earlier in July, Citi set its original targets at $82,000 for Bitcoin and $2,240 for Ether, assuming no net inflows into exchange-traded funds (ETFs). An ETF trades like a stock and holds cryptocurrency for its investors.
The updated forecast now incorporates an expected $5 billion in ETF inflows, signaling a gradual return of institutional investments. Citi also anticipates a weaker dollar as a result of government buybacks of older bonds.
Typically, large investment funds and wealth managers entering crypto start with Bitcoin because it’s the largest and most liquid asset. This allows them to invest significant amounts without causing major price fluctuations.
Conversely, institutional money often flows into Ether only after securing Bitcoin investments. Therefore, the projected $5 billion in inflows, which represents about 0.3% of Bitcoin’s $1.73 trillion market value, leaves limited potential for Ether.
Citi Raised Its Bitcoin and Ether Targets by Nearly the Same Amount
Citi raised its Bitcoin price target by 37.8%, from $82,000 to $113,000, while it raised its Ether target by 35.2%, from $2,240 to $3,028. The adjustments are similar, and the reasons provided, such as SEC action offsetting the CLARITY Act’s failure in the Senate, benefit both cryptocurrencies.
Market dynamics show that buyers have driven Ether’s price up 54.5% in the last 90 days, compared to a 35.6% increase for Bitcoin. However, Ether began this rally from a lower starting point.
Year-to-date, Ether is down 8.6%, and over the past year, it has dropped 37.6%, while Bitcoin has seen smaller declines of 3.1% and 28.6%, respectively. Both coins remain below their prices from a year ago, when Bitcoin traded around $120,400 and Ether near $4,375.
Why a 5.17% Treasury Yield Favors Bitcoin Over Ether
Institutional investors also compare crypto assets against government bonds. For instance, the 10-year Treasury yield rose to 5.17% on September 25. This means a bondholder will earn that full rate if they hold the bond to maturity.
Bitcoin does not yield interest. Ether holders can earn rewards by staking their coins, but those rewards come in Ether, meaning their dollar value fluctuates with the price. Citi’s anticipated 10.9% return on Ether is roughly double the bond yield, whereas its 31.4% return on Bitcoin is about six times that yield.
So, when an investment team considers adding crypto to its portfolio, it may find Bitcoin offers far greater potential reward than Ether.
Is Citi Right to Favor Bitcoin Over Ether?
Yes, Citi’s preference for Bitcoin hinges on the projected $5 billion in inflows; institutions typically invest small amounts in Bitcoin first. Ether’s recent rapid growth has already eaten into its price target, making it reliant on additional outside support.
This means that Ether holders might need to be patient, as institutional funds need to complete their Bitcoin purchases before directing money to Ether. If ETF inflows exceed the anticipated $5 billion, more funds could flow into Ether, potentially raising its target. However, if inflows fall short or meet expectations, Bitcoin may continue to lead the way in closing the gap to Citi’s Bitcoin price target first.
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Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing
