Citi analysts reiterate bitcoin $143,000 base case projection despite bitcoin tumbling
Bitcoin ETFs also suffered on Wednesday.
Despite bitcoin tumbling 2.3% over the past 24 hours, Citi analysts stayed firm and kept their 12-month base case expectation of $143,000 for the token. They set a bear case expectation of $78,000.
Alex Saunders, Citi’s head of global quant macro strategy, said the price will be mainly driven by “revived ETF demand and positive equity forecasts,” while the bear scenario is “premised on recessionary macro factors.”
Bitcoin has been trading in the $89,704 to $92,126 range in the past 24 hours, finally breaking its new year winning streak.
Meanwhile, bitcoin ETFs are also suffering, experiencing $486 million in outflows on Wednesday, according to SoSoValue.
Ryan Lee, chief analyst at Bitget, told Sherwood News that the recent 24-hour pullback in bitcoin is a “typical short-term correction driven by profit-taking and ongoing macro uncertainty.”
“In maturing markets, these resets are often constructive, helping clear excess leverage and setting the stage for more sustainable advances rather than signaling a breakdown in structure,” Lee said.
