Citi lowers BTC price target to $82K from $112K

Citi has lowered its 12-month price targets for Bitcoin (BTC) and Ethereum (ETH), Reuters reported. A report from the bank explained that the cryptocurrency market has remained weak this year due to high volatility, spot ETF outflows, and investor attention shifting to large initial public offerings (IPOs). The report noted that both BTC and ETH are trading below their long-term moving averages, and ETF fund flows have shifted from net inflows to net outflows. Year-to-date, BTC spot ETFs have seen approximately $3.3 billion in outflows. Citi anticipates that buying from institutions and investors will likely be limited until a new bullish catalyst emerges. Other factors weighing on market sentiment include delays in crypto-related legislation, concerns that companies with digital asset strategies might sell their BTC holdings, and a capital rotation into AI-related assets.