Wall Street Turns Bullish on Bitcoin as Big Banks Eye Six-Figure Prices

Bitcoin is once again drawing serious attention from Wall Street. Two of the largest U.S. banks — Citigroup and JPMorgan — have released new outlooks suggesting meaningful upside for Bitcoin over the next year, driven by regulatory shifts, market structure improvements, and institutional positioning.

The timing is notable. Bitcoin has already gone through a sharp correction, record liquidations, and renewed regulatory scrutiny. Now, major banks are arguing that the worst of the selloff may be behind it.

Citigroup has set a 12-month Bitcoin price target of $143,000, pointing to improving adoption trends and a more supportive regulatory environment. At the time of Citi’s note, Bitcoin was trading near $87,900, implying substantial upside if current conditions persist.

“We anticipate regulatory catalysts will drive further adoption and flows,” Citi said, highlighting recent 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 acknowledged recent volatility. Bitcoin fell more than $18,000 in November, its largest dollar decline since May 2021, as risk appetite weakened and concerns around technology valuations resurfaced. Still, the bank believes the correction has reset the market.

“Token prices are closer to statistical measures of value based on user activity following the price reversal from October’s highs,” Citi noted. In a more optimistic scenario, the bank sees Bitcoin reaching $189,000, while its bearish case places it near $78,000.

JPMorgan’s view, published last month, focuses less on regulation and more on market mechanics. The bank believes Bitcoin could reach around $170,000 over the next 6 to 12 months, arguing that the recent selloff completed a major 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 October 10 — the largest in crypto history — followed by smaller waves of selling in November. Since then, futures positioning has returned to more normal levels.

JPMorgan also compared Bitcoin to gold, noting that rising volatility in the gold market has improved Bitcoin’s appeal on a risk-adjusted basis. Based on that framework, the bank argues that Bitcoin continues to trade below its theoretical fair value.

As institutional banks increasingly analyze Bitcoin alongside traditional macro assets, its role in global markets continues to evolve. After a brutal reset, Wall Street appears to be positioning for the next phase.