Citigroup analysts cut their 12-month bitcoin target to $82,000 from $112,000, while ether’s forecast was reduced to $2,240 from $3,175. This revision arrives as both assets trade below their long-term moving averages, signaling a shift in market sentiment. Bitcoin recently hovered near $58,864, a stark contrast to its peak of $126,223 reached last October.

Driving this pessimism is a tangible reversal in investor appetite. The brokerage noted that bitcoin ETF flows have contracted by approximately $3.3 billion this year, forcing a reassessment of price catalysts. Beyond the data, institutional hesitation is being compounded by a lack of clarity in U.S. digital asset legislation. Investors appear to be rotating capital into AI-related sectors, leaving crypto markets vulnerable to further volatility. In a bear-case scenario factoring in recessionary conditions, Citi warns that bitcoin could slide to $53,000, with ether potentially testing $1,094.