Bitcoin jumped by over 170% from the assembly price of around USD 45,000 $ 123,000 at the beginning of this month.

Based on the Citi Bank reports, he presented three scenarios for a place where the price may land until the end of 2025. They are significant from a low USD 64,000 on the delicate market to a bull in the amount of 199,000 USD, if everything goes well.

ETF flows occupy a central place up Bitcoin

According to Citi Analysts, the Bitcoin ETFS spot now explain over 40% of the last price fluctuations. Since the ETF debut, the US has increased with a Bitcoin value worth about $ 54.66 billion.

This purchasing force helped in running BTC from around USD 45,000 to USD 123,000 in just a few months. The basic case of the bank assumes another $ 15 billion ETF Implages this year. According to the coefficient they modeled – about USD 4 per USD 1 – this would add about USD 63,000 to Bitcoin.

🚨 Bitcoin may escalate to USD 199 $ 199 $

Citigroup has published a recent bitcoin forecast forecast, will reach USD 135,000 by the end of 2025 in their basic scenario. The stubborn case estimates a potential escalate to 199,000 USD, while the Bears set the forecasts … pic.twitter.com/3kp1o8ogsn

– Tradesman (@the_tradesman1) July 26, 2025

The user’s growth drives network effects

On the basis of numbers from trade offices and indicators in the area, Citi is expecting a 20% escalate in dynamic bitcoin users over the following year. This leap of adoption itself would support around USD 75,000.

The idea is straightforward. More users mean more hands and Bitcoin trade. This activity makes prices less susceptible to sudden declines. Despite this, forecasts like this rest on the assumption that recent users stick to, and do not reverse coins for quick profit.

Macroeconomic factors slightly reduce the forecast

The Citi model also affects the weaker efficiency of shares and gold, cutting a price by about USD 3200. This regulation reflects the view that if they fight for spare and metal markets, Bitcoin will not fully separate from wider risk assets.

At the same time, growing regulatory approval and deeper connections between crypto and conventional finances should provide some support.

The demand for ETF can escalate bitcoins by USD 63,000

In the basic scenario, Citi adds USD 63,000 from ETF flows to USD 75,000 from the user’s growth, and then subtracts $ 3,200 for macro winds.

This mathematics is a price of around USD 135,000 in 2025. This number is only USD 12,000 above the last peak of USD 123,000. He suggests that Citi sees more plus positions, but not an escaping rally – at least not in the basic case.

A case of $ 199,000 remains on the table

If ETF still depends on much over $ 15 billion, and users’ growth exceeds 20%, Bitcoin may escalate to 199,000 USD under Citi’s Bull.

And vice versa, it is possible to drop to USD 64,000 if the macro conditions are piercing. All over the world, ETFS currently has approximately $ 1.48 million with a value of over $ 170 billion – about 7% of total supply.

This level of institutional support is unprecedented. He changes the fate of Bitcoin more into huge flows than retail puree.

A distinguished picture from Pexels, chart from TradingView