 
 
As the second half of the year unfolds, market players are collectively outlining their outlook for the premier cryptocurrency, Bitcoin. Most price targets are bullish and bold, as many analysts and investors are anticipating a continuation of the recent bull rally.
The big wolves of Wall Street are the latest market participants to make notable near-term price predictions for the leading cryptocurrency.
The banking giant Citi is predicting that the leading cryptocurrency will close the year at $199,000; however, its base target is capped at $135,000.
In Citi’s model, which informed the aforementioned price predictions, macroeconomic factors, broader adoption, and Bitcoin ETF inflows are some of the key factors taken into consideration.
Notably, Citi analysts are explaining that a 20% surge in user base boosted the price surge to the $75,000 mark; however, macroeconomic factors are likely to result in a $3,200 decline in value.
 
Nonetheless, the bank’s expectations remain bullish as Citigroup expects a $15 billion net ETF inflow that will increase Bitcoin’s price value by $63,000 and eventually result in the base price of $135,000 coming to fruition.
However, should equity markets suffer and ETF inflows fail to surge, the bank anticipates a massive price decline that will bring Bitcoin to $64,000 at the end of the year.
The analysts go on to note that ETF net flows and Bitcoin returns are in correlation, and as such, each $1 billion inflow recorded every week bolsters Bitcoin’s price value by 3.6%.
As Citi asserted;
“Since launch, 41% of Bitcoin return variation can be explained by flows alone (the relationship is just as strong even accounting for equity returns). So far this year, we have seen just over $19 billion of flows, including $5.5 billion month-to-date. We expect flows to continue for the rest of the year.”
Source: https://zycrypto.com/the-big-wolves-of-wall-street-reveal-year-end-target-for-bitcoin/