1
2
While Bitcoin and altcoins have experienced a strong recovery in recent days, Citigroup has lowered its price targets for Bitcoin ($BTC) and Ethereum ($ETH).
Citigroup, one of the leading banks in the US, has lowered its 12-month price target for Bitcoin from $143,000 to $112,000.
The bank also lowered its target price for Ethereum from $4,304 to $3,175.
According to CoinDesk, Citigroup stated in a recent report that it has lowered its price targets for $BTC and $ETH due to delays in US legislation, particularly the delay in Senate hearings on the Clarity Act, slowing network activity, and diminished expectations for ETF inflows.
The report stated that the likelihood of cryptocurrency regulation passing in the US this year has decreased, and overall market momentum has weakened since Bitcoin’s peak last October.
“Bitcoin’s upward momentum has slowed since its peak last year, and it is trading below key technical support levels.”
Ethereum is also showing a relatively stagnant trend due to weakening on-chain activity.
However, he added that their base scenario is still bullish.
The report stated that in an upward scenario, $BTC could reach $165,000 and $ETH could reach $4,488.
Conversely, in a bearish scenario, it was stated that $BTC could fall to $58,000 and $ETH to $1,198.
According to CoinMarketCap, $BTC continues to trade at $73,600 and $ETH at $2,330.
*This is not investment advice.
cointelegraph.com
coindesk.com
