Citi Projects Ethereum at $3,028 and Bitcoin at $113,000. Why Is the Bank So Much More Bullish on Bitcoin?
Citigroup just raised its price targets for both Bitcoin and Ethereum by similar margins, yet the two forecasts tell very different stories about which coin Wall Street actually trusts to deliver.
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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 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
