Citi Cuts Target! Bitcoin Could Plunge to US$58,000
Citigroup has lowered its price forecasts for Bitcoin and Ethereum over the next 12 months. This is based on the slowing progress of US legislation, which narrows the opportunities for expected regulatory catalysts that could increase ETF-based demand and broader institutional adoption.
Quoting CNBC, progress on US crypto market structure legislation has stalled in the Senate, with the chances of passing the Clarity Act diminishing due to disagreements over stablecoin rules and narrowing approval prospects in 2026.
The Wall Street brokerage firm has cut its 12-month Bitcoin (BTC) price forecast to US$112,000 from $143,000 and Ethereum (ETH) to US$3,175 from US$4,304.
“Regulatory catalysts will drive further adoption and inflows, but the chances of US legislation this year are narrowing,” said Citi strategist Alex Saunders in a note on Monday, quoted from CNBC, Sunday (22/3/2026).
Citi stated that against a macroeconomic recession backdrop, Bitcoin could fall to US$58,000 and Ethereum to US$1,198. Meanwhile, their bullish scenario, driven by stronger late-year investor demand, places Bitcoin as high as US$165,000 and Ethereum at US$4,488.
Bitcoin was last traded around US$74,298.11 and Ether around US$2,345.51, at 07:50 GMT on Tuesday.
“ETH will be highly sensitive to user activity metrics, which have recently been weak, but stablecoin trends and tokenisation could boost interest and usage,” Citi added.
The chances of passing crypto bills will shrink further if the Democratic Party gains seats in the US Congress in the upcoming November midterm elections. This is because Democratic lawmakers are more divided on reforming federal regulations to accommodate cryptocurrencies.
For the bill to pass, it requires support from at least seven Democratic Senators. Some Democratic members are pushing for clauses that would prohibit elected officials from profiting from crypto ventures, an issue gaining attention amid scrutiny of the Trump family’s World Liberty Financial project.
Analysts say this could reduce the likelihood of US President Donald Trump signing the bill into law.
“Bitcoin is likely to trade in a range anticipating legislative news flow, with (around) US$70,000 as a key level representing the pre-US election price,” said Citi.