Citigroup has just released a noteworthy assessment of Bitcoin's price outlook for the next 12 months, amidst a correction in the cryptocurrency market following a strong rally at the end of the year. According to their latest report, Citigroup analysts believe Bitcoin could reach $143,000 within the next year, representing an increase of approximately 62% from its current price of around $88,000.
In a joint report by experts Alex Saunders, Dirk Willer, and Vinh Vo, Citigroup assessed the $70,000 mark as a key support zone for Bitcoin in the current cycle. The analysis team believes that if the price holds above this level, the market has strong grounds to enter a new growth phase, especially as demand for spot Bitcoin ETFs shows signs of recovery after a period of stagnation. Capital flows from large financial institutions, along with positive investor sentiment globally, are XEM important drivers that could push Bitcoin prices higher in the coming year.
