New "bull" for Bitcoin – Citigroup changes the game with a $113,000 price target

Bitcoin just posted its strongest quarter since 2024, leaving gold and other assets behind, despite rising US treasury yields and surging commodity prices.

An unexpected new "bull" has emerged in the Bitcoin space: Citigroup. Citi analyst Alex Saunders upgraded his baseline Bitcoin price target to $113,000, up from $82,000. "The increase is driven by all three components of our framework: activity, macro conditions, and ETF flows. Currency debasement fears, alongside SEC regulatory actions triggered—ironically—by the failure of the CLARITY Act, helped the crypto market reclaim technical levels. Inflows into ETFs resumed as prices crossed above 200-day moving averages. We now assume, in our base case, $5 billion in net inflows over 12 months, up from zero previously, due to positive sentiment," Saunders stated. Bitcoin just recorded its strongest quarter since 2024, leaving gold and other assets behind, despite rising US treasury yields and surging commodity prices. The digital asset advanced approximately 43% during the third quarter.

However, it remains around 4% lower year-to-date. Many crypto market observers were caught off guard by Bitcoin's rally during the third quarter. The Digital Asset Market Clarity Act failed its procedural vote in the Senate in September, failing to secure the required 60 votes. Democratic senators blocked the advancement of the CLARITY Act over persistent concerns regarding government ethics provisions and potential presidential conflicts of interest. President Donald Trump and his family have long held a prominent presence in the crypto space through various investments. A small group of Republicans who voted against the bill dealt another blow to its momentum, following intense lobbying by community banks over stablecoin reward rules. "The failure of CLARITY marks a positive turning point for digital assets," declared prominent Bitcoin advocate and Strategy CEO Michael Saylor.

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