The Big Wolves of Wall Street Reveal Year-End Target for Bitcoin
Main Idea
Citi predicts Bitcoin's year-end price could reach $199,000, with a base target of $135,000, driven by ETF inflows and user base growth, but warns of potential declines if market conditions worsen.
Key Points
1. Citi forecasts Bitcoin could close the year at $199,000, with a base target of $135,000.
2. A 20% surge in user base contributed to Bitcoin's rise to $75,000, but macroeconomic factors may cause a $3,200 decline.
3. Citigroup expects a $15 billion net ETF inflow, potentially boosting Bitcoin's price by $63,000 to reach the $135,000 base target.
4. If equity markets suffer and ETF inflows stagnate, Bitcoin could drop to $64,000.
5. ETF net flows explain 41% of Bitcoin's return variation, with $19 billion in flows recorded year-to-date, including $5.5 billion month-to-date.
Description
As the second half of the year unfolds, market players are collectively outlining their outlook for the premier cryptocurrency, Bitcoin.
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