Citi Projects Ethereum at $3,028 and Bitcoin at $113,000. Why Is the Bank So Much More Bullish on Bitcoin?
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Citigroup (NYSE:C | C Price Prediction) has updated its 12-month price targets, setting Bitcoin (CRYPTO:BTC) at $113,000 and Ethereum (CRYPTO:ETH) at $3,028. However, these forecasts imply very different levels of potential growth. The Citi Bitcoin target suggests about a 31% increase from its current price, while the Ethereum target indicates only an 11% rise.
As of October 2, 2026, Bitcoin trades around $85,975, while Ethereum trades at about $2,730. So, why does one of Wall Street’s largest banks project a much brighter future for Bitcoin compared to Ethereum, a coin that has seen faster gains?
Citi Raised Its Bitcoin and Ethereum Targets by Similar Amounts
Citi’s revised targets follow a July 1 cut, when it pegged Bitcoin at $82,000 and Ethereum at $2,240 after money exited crypto ETFs. The recent update raises Bitcoin’s target by about 38% and Ethereum’s by approximately 35%. This indicates that Citi has grown more optimistic about both cryptocurrencies to a similar degree.
Both coins are currently trading above those prior targets, with Bitcoin up about 5% and Ethereum up nearly 22%. This update partly aligns Citi with market prices already reached.
Ethereum’s 53% Rally Left Less Room to Citi’s $3,028 Target
The main reason for the difference in upside is the current price levels. Ethereum has skyrocketed about 53% in the last 90 days, while Bitcoin has increased around 33%, meaning Ethereum is already much closer to its target.
Ethereum reached a peak of $2,807 in September, just about 7% shy of Citi’s $3,028 target. In contrast, Bitcoin’s September high was $87,397, still about 23% below the $113,000 target—suggesting more room for growth.
Nonetheless, both targets anticipate a recovery rather than a new all-time high. Bitcoin is down approximately 3% so far in 2026, while Ethereum has slipped about 9%. Both coins had previously closed above Citi’s revised targets in late 2025, with Bitcoin at around $114,068 in September and Ethereum near $3,846 in October.
Citi’s Bitcoin Target Rests on $5 Billion of ETF Inflows
Citi’s target estimates are heavily influenced by expected fund demand. U.S. spot crypto ETFs shifted from $5.8 billion in net outflows until mid-July to around $800 million in net inflows by late September. The bank anticipates an additional $5 billion in inflows over the next year.
This projection translates to roughly $417 million each month, which is modest when compared to Bitcoin’s $1.73 trillion market valuation. Citi describes this influx as slower but stickier, and such a forecast tends to favor Bitcoin, thanks to its significantly larger ETF market than Ethereum’s.
However, these flows can fluctuate. On September 30, Bitcoin ETFs saw about $149 million in outflows, breaking a nine-session streak of inflows.
A 5.17% Treasury Yield Makes Ethereum’s 11% Upside Look Thin
As of September 25, the yield on 10-year Treasury bonds was 5.17%. Investors can earn this return from U.S. government debt, whereas Bitcoin and Ethereum do not offer interest. Hence, any gains from these cryptocurrencies must come solely from price appreciation.
With only 11% upside to its target, Ethereum’s potential gain is only about double the Treasury yield, especially given its 19% swing between $2,355 and $2,807 in September alone. On the other hand, Bitcoin, with its potential 31% gain, presents a much wider buffer against the stable Treasury return.
Does Citi Have Reason to Be More Bullish on Bitcoin?
Citi’s stronger outlook on Bitcoin is mainly due to Ethereum’s recent surge, which has consumed much of its potential upside. While the bank raised both targets by similar margins, Ethereum’s 53% rally has left it only 11% shy of $3,028, while Bitcoin still needs 31% to hit $113,000. Moreover, Citi’s focus on ETF inflows, which consistently favor Bitcoin, reinforces this view.
So, does the Citi Bitcoin target stand firm? A daily close above $87,397, just about 2% above the current price, along with ETF inflows aligning with Citi’s $5 billion forecast, could support the bank’s outlook. However, if we see more outflows like those on September 30, Bitcoin could linger below that high, making Ethereum’s smaller target potentially easier to achieve.
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Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
