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/