Bitcoin & Ethereum Prices Surge, Citigroup Predicts $231K Bitcoin by 2023
Bitcoin and Ethereum prices have shown promising signs, with analysts and financial institutions sharing optimistic forecasts. The crypto market has seen significant inflows, and October is historically a strong month for Bitcoin.
Citigroup has raised its Bitcoin price forecast to $231,000 within the next 12 months, with an expected end-of-year price of around $132,000. This optimism is supported by recent price surges, including Bitcoin's 2% gain since the start of October, pushing its btc price above $119,000. The bank's base case for Bitcoin is $181,000, and its bear case is $82,000.
Ethereum is also expected to perform well, with Citigroup predicting it could reach $7,300 in its bull case, $5,400 in its base case, and $2,000 in its bear case. By the end of this year, Citigroup expects Ethereum to reach $4,500. This positive outlook is driven by technology developments, as emphasized by Ethereum's founder Vitalik Buterin.
The current optimism is shared by various cryptocurrency analysts, market experts, and platforms such as LongForecast and ChatGPT-based analyses. Individual crypto analysts like EtherNasyonaL also contribute to the positive sentiment. Weaker labor market conditions may further support crypto prices, historically making October a strong month for the stock market today.
Citigroup's bullish forecasts for Bitcoin and Ethereum, along with recent price surges and positive analyst sentiments, indicate a strong outlook for the crypto market. As Bitcoin exchange-traded funds saw more than $1.6 billion in inflows across three days at the start of October, investors seem to be aligning with these optimistic views.
