Citi No Longer Sees Bitcoin Hitting Record High This Year – Cuts Ethereum Outlook by Over $1,000
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Key points:
Citigroup now expects Bitcoin to reach $112,000 and Ethereum to rise to $3,175 over the next year.
It cited slower progress on U.S. crypto legislation and weaker on-chain activity for its revision.
Citigroup said it expects ETF demand of $10 billion for Bitcoin and $2.5 billion for Ethereum over the next 12 months.
The bank assigned a 60% probability to U.S. digital asset legislation passing this year.
Citigroup has lowered its expectations for Bitcoin (BTC) and Ethereum (ETH) on Tuesday, with new price targets below the record highs seen by both leading cryptocurrencies in the last year.The bank cut its 12-month price target for Bitcoin by $31,000 to $112,000, down from a prior forecast of $143,000. Its outlook for Ethereum was reduced by $1,139 to $3,175 from an earlier estimate of $4,304. For comparison, Bitcoin’s record high is above $126,000, reached in October last year, while Ethereum peaked at over $4,900 in August.
Slower Policy Progress, ETF Demand Weigh on Outlook
Citigroup cited slower progress on U.S. crypto legislation, subdued on-chain activity, and more cautious expectations for exchange-traded fund inflows as key reasons for the downgrade.
The bank now expects 12-month ETF demand of about $10 billion for Bitcoin and $2.5 billion for Ethereum. It also assigns roughly a 60% probability to U.S. digital asset legislation passing this year.
Bitcoin, Ethereum Hold Strong Amid U.S.-Iran War
Bitcoin’s price gained 1.1% in the last 24 hours, trading at around $74,280. On Stocktwits, retail sentiment around the apex cryptocurrency remained in ‘bullish’ territory, while chatter rose to ‘normal’ from ‘low’ levels.
Ethereum continued to outpace Bitcoin’s gains, up 2.6% in the last 24 hours to around $2,300. Retail sentiment around the leading altcoin on Stocktwits also trended in ‘bullish’ territory over the past day. Chatter remained at ‘high’ levels.
The overall cryptocurrency market rose 1% over the last 24 hours, holding above $2.6 trillion even as the stock market remained volatile amid U.S. efforts to reopen shipping through the Strait of Hormuz.
source: https://www.tradingview.com/news/stocktwits:ab4461f2c094b:0/
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