Citigroup Cuts Bitcoin Target to ₱6,686,876 ($112,000) Citing Policy Delays

Citigroup downgraded its 12-month Bitcoin target to $112,000 from a December forecast of $143,000, citing slower US legislative progress that's weighing on the policy support it expected to drive ETF demand and wider adoption.

The revised target still implies a 51.8% upside from current levels, but marks a sharp retreat from Wall Street optimism just three months ago. Ethereum took a harder hit — Citi slashed its 12-month target by 26.2% to $3,175 from $4,304, despite the token's 12% weekly gain that pushed it near $2,300.

Citi said the policy timeline has not moved as fast as it expected, and it no longer anticipates the same pace of regulatory progress, institutional demand, and network follow-through that shaped its December forecasts. The bank's March revision ties directly to delays in Washington that have stalled the crypto-friendly legislative push many analysts banked on after the 2024 election cycle.

Spot Bitcoin ETFs pulled in ₱11.88 billion ($199 million) in net inflows on March 16, pushing cumulative inflows to ₱3.36 trillion ($56.3 billion), according to Farside data. Ethereum ETFs added ₱2.15 billion ($36 million) the same day, bringing total net inflows to ₱704.51 billion ($11.8 billion). But Citi's downgrade suggests those numbers aren't strong enough to offset the policy vacuum slowing institutional adoption.

Citi issued a bull case target of $189,000 for Bitcoin and $5,132 for Ethereum back in December when it expected faster regulatory clarity and stronger network growth. The bank had previously forecast Ethereum at $5,440 in an October note, making the latest revision its third major downgrade in five months. Citi continues to move ahead with its token services program despite the more cautious outlook on crypto prices as of March 18, 2026.