Citigroup has raised its 12-month Bitcoin target from $82,000 to $113,000 and its Ethereum target from $2,240 to $3,028.

Citi says stronger crypto activity, better macro conditions and renewed ETF inflows are behind the change. It also expects around $5 billion in crypto inflows over the next 12 months.

At the same time, we are seeing some other interesting things happening.

Trump has recently said that he does not run or focus on his $TRUMP meme coin. He has also accepted restrictions on politicians issuing their own crypto tokens as part of the discussions around the Clarity Act.

AI is also moving forward very quickly and attracting huge amounts of money.

And then there is Iran.

Iran is relying more on crypto to move money around international sanctions. A recent US Senate investigation found that USDT has become an important part of Iran's shadow banking system.

Could all of this have an effect on Bitcoin?

Maybe.

I think Bitcoin could go higher, but I am not very confident about it. The market is still extremely volatile and there are too many things happening at the same time.

I also keep thinking about all those old Bitcoin wallets that suddenly became active in September after more than a decade.

Maybe it is all completely unrelated.

Or maybe there are things happening behind the scenes that we don't know about yet.

For now, I think it is better to watch the market than to try to predict where it will go.