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Bitcoin Price Flirts With $120,000 as Citi Gives Strong Bitcoin Price Target
Bitcoin climbed above $119,000 on Thursday, bucking a broader market downturn as investors sought safety following the U.S. government’s shutdown.
Bitcoin traded at highs of $119, 890 in morning trading, even as Wall Street stocks slid on political dysfunction in Washington. Lawmakers failed to secure enough votes late Tuesday to keep the government funded, triggering a shutdown at midnight.
The standoff pits Democrats, led by Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries, against Republicans aligned with President Donald Trump, who has threatened benefit cuts if no deal is reached.
Bitcoin closed September up 5% at around $114,000, defying its usual seasonal weakness and setting up a historically bullish fourth quarter.
Past trends suggest October and November often drive strong gains, meaning Bitcoin could push past $150,000 by year-end, fueled by the post-halving supply squeeze.
Citigroup’s positive Bitcoin outlook for Bitcoin
Citigroup analysts reinforced a positive 12-month outlook for Bitcoin in a note to clients this week, setting a Bitcoin target of $181,000 while revising their year-end forecast to $132,000.
The bank cited robust inflows — estimated at $7.5 billion through year-end — and growing demand from institutional investors.
“We are more positive on Bitcoin compared to Ether, as it captures an outsized portion of incremental flows into crypto markets,” Citi analysts wrote, adding that a supportive U.S. regulatory environment could sustain momentum into 2026.
Prior to this week, Bitcoin was trading sideways in recent months, but key liquidity indicators suggest a breakout may be near.
Global M2 growth, stablecoin supply trends, and gold’s rally — which Bitcoin has closely tracked with a 40-day lag — all point toward upward momentum, with some analysts eyeing $150,000 in early November.
This post Bitcoin Price Flirts With $120,000 as Citi Gives Strong Bitcoin Price Target first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
