$BTC Analysts at Citibank expect the price of Bitcoin to rise by 62% over the next year, amid increasing chances of interest rate cuts by the Federal Reserve, along with strong bets on easing regulatory constraints in the United States, and rising institutional adoption rates of digital assets as part of major investment portfolios.
The bank stated that the price of the world's most famous digital currency is expected to reach $143,000 over the next 12 months, and it also forecast a rise in the price of Ethereum by about 46% to reach $4,304, noting that regulatory factors will drive further inflows.
In the best-case scenarios, Citibank sees the price of Bitcoin potentially rising to $189,000, and Ethereum to $5,132, but at the same time warned of the possibility of Bitcoin falling to $78,000, and Ethereum declining to $1,279 in the worst forecasts.
Bitcoin recorded a sharp decline in recent months, losing more than 18,000 of its value last month, the largest monthly loss in dollars since May 2021, coinciding with a record outflow of liquidity from the market following the collapse of several digital currencies.
The price of Bitcoin stabilized during trading on Friday near the $87,000 level, amid limited trading, as investors assessed inflation data in the United States, which came in below expectations, boosting the chances of interest rate cuts by the Federal Reserve next year.
Bitcoin rose by about 0.6% to trade at $87,121.6, heading towards a weekly loss of about 4%, following the strong gains it achieved in the first half of this year.
The most famous digital currency in the world failed this month to rebound above the important psychological level of $90,000.
