Summary
- Citibank announced that it has raised the year-end price forecast for Bitcoin to as high as $199,000.
- In its base scenario, Citibank expects Bitcoin to reach $135,000 by the end of the year, while also mentioning the risk of it dropping to $64,000 in a bearish scenario.
- The bank pointed to ETF inflows, the halving effect, and increased institutional demand as factors driving the price higher.
According to The Crypto Basic, a cryptocurrency-focused media outlet, on the 25th (local time), Citibank raised its year-end price outlook for Bitcoin (BTC), suggesting the possibility for it to climb as high as $199,000.
Citibank projected that, under its base scenario, Bitcoin would reach $135,000 by year's end, and in an optimistic scenario, the price could rise as high as $199,000. However, in a bearish scenario, it noted the price could potentially fall to around $64,000.
The bank cited inflows into exchange-traded funds (ETF), effects from the halving, and increasing institutional demand as upward factors.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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