Citigroup raises its next 12-month price targets for Bitcoin and Ethereum to $113,000 and $3,028 respectively.

According to Reuters, Citigroup has raised its 12-month price forecasts for Bitcoin and Ethereum, citing factors including increased crypto market activity, a supportive macroeconomic environment, and a resumption of ETF inflows. The bank lifted Bitcoin’s 12-month price target from $82,000 to $113,000, and Ethereum’s from $2,240 to $3,028. In a Wednesday report, Citigroup said it expects crypto market inflows to resume, though at a slower, more steady pace than before, with sustained inflows as advisory firms and brokerages gradually increase their Bitcoin allocations. The bank projects $5 billion in inflows into the crypto market over the next 12 months. Last week, the U.S. Senate failed to advance the CLARITY Act, a bill designed to establish a regulatory framework for digital assets, a setback for the broader crypto industry. After the U.S. Treasury recently repurchased long-term government bonds, the U.S. dollar weakened, reigniting upward momentum in the crypto market.