Bitcoin is once again drawing serious attention from Wall Street. Two of the biggest U.S. banks, Citigroup and JPMorgan, are laying out fresh scenarios that point to strong upside for Bitcoin over the next year, based on regulation, market structure, and institutional positioning.
The timing is notable. Bitcoin has already been through a sharp correction, major liquidations, and renewed regulatory scrutiny. Now, large banks are arguing that the worst may be behind it.
Citigroup has set a 12-month Bitcoin price target of $143,000, citing growing adoption and a more supportive regulatory environment. At the time of its note, Bitcoin was trading around $87,932, suggesting meaningful upside if those conditions continue.
“We anticipate regulatory catalysts will drive further adoption and flows,” Citi said.
The bank pointed to policy shifts in the U.S. following President Donald Trump’s renewed support for digital assets. That shift has coincided with dropped lawsuits against major crypto firms and fresh momentum in Congress, where lawmakers have confirmed that a markup for long-awaited crypto market structure legislation is expected in January.
Citi also acknowledged recent volatility. Bitcoin fell sharply in November, losing more than $18,000, its biggest dollar drop since May 2021, as investor risk appetite weakened and concerns around tech valuations grew.
Still, Citi believes prices are stabilizing after that reset.
“Token prices are closer to statistical measures of value based on user activity following the price reversal from October’s highs,” the bank noted.
In a more optimistic scenario, Citi sees Bitcoin reaching $189,000, while its bearish outlook places it near $78,000.
JPMorgan’s outlook, last month, focused less on regulation and more on market mechanics. The bank believes Bitcoin could reach around $170,000 within the next 6 to 12 months, driven by a completed deleveraging cycle.
“The message from the recent stabilization is that deleveraging in perpetual futures is likely behind us,” JPMorgan analysts wrote.
They pointed to record liquidations on Oct. 10, the largest in crypto history, followed by smaller selloffs in November. Since then, futures positioning has returned to more normal levels.
JPMorgan also compared Bitcoin to gold, noting that rising gold volatility has improved Bitcoin’s appeal on a risk-adjusted basis. Based on that framework, the bank says Bitcoin still trades well below its theoretical fair value.
Bitcoin is increasingly being analyzed like a macro asset. That shift is important and everyone is watching closely to see where the price heads next.
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