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Some of the top market investors are losing faith in Bitcoin, and this time it’s Citibank cutting the BTC price target by 50%. The banking giant reduced its Bitcoin price target to $82,000, from a massive $112,000 previously. Citibank said that the recent outflows from spot Bitcoin ETFs are a major concern.
On the other hand, Gemini founders Winklevoss twins have reportedly sold $60 million worth of BTC. This comes as Bitcoin price loses crucial support levels, eyeing further lows to $50,000.
Citigroup Lowers 12-Month Bitcoin Price Target to $82,000
Analysts at Citigroup have lowered the 12-month Bitcoin price target, citing negative ETF flows and limited progress in US crypto regulations like the CLARITY Act.
In a research note dated Tuesday, the bank cut its Bitcoin price target to $82,000 from $112,000. Citigroup said the downgrade reflects its decision to reduce its 12-month net Bitcoin ETF inflow forecast to zero from the previously expected $10 billion, reported Reuters.
The bank noted that ETF flows, which have been a major driver of cryptocurrency prices, have recently turned negative. It added that spot Bitcoin ETFs have recorded net outflows of approximately $3.3 billion so far this year.
On June 30, the net outflows across all US spot Bitcoin ETFs were $222.6 million, as per data from Farside Investors. Of these, a massive $212 million alone came from BlackRock’s iShares Bitcoin Trust (IBIT).
During the month of June 2026, spot Bitcoin ETFs saw net outflows of $4 billion. This is the largest monthly withdrawal since the product’s launch. The scale of the outflows suggests institutional investors, rather than retail traders.
What’s the Next Stop for Bitcoin Price?
Bitcoin price is currently trading at around $58,864, its lowest level since September 2024. Since the all-time high of $126,223 last year in October 2025, the Bitcoin price has corrected nearly 60% so far.
Crypto analyst Ted Pillows said Bitcoin remains in a bearish technical structure. According to the analyst, Bitcoin is trading below all of its major moving averages, while the RSI has dropped to 30, approaching oversold territory. He also noted that Bitcoin declined roughly 19% in June, despite the month historically being one of the cryptocurrency’s strongest periods.
Ted Pillows identified $55,298 as a critical support level, corresponding to the 0.5 Fibonacci retracement. He warned that a break below this level could expose Bitcoin to further downside toward $52,000 and $48,000.
Pillows added that Bitcoin has failed to recover above its February lows, while the Coinbase Bitcoin Premium has fallen to its lowest level of the current market cycle. According to Ted Pillows, a decisive break below the $57,000 to $58,000 support zone could open the door for a move into the low $50,000 range.
Gemini Founders Dump $60 Million of BTC
As per the on-chain indicators from Arkham Intelligence, Winklevoss twins, the co-founders of crypto exchange Gemini have transferred $60 million of BTC to the exchange.
This marks the movement of Bitcoins from cold storage to hot wallets. According to the data, the transfers followed a transaction pattern typically associated with potential selling activity.
Despite the latest transfers, the Winklevoss twins are estimated to still hold more than $300 million worth of Bitcoin. Their Bitcoin investments have reportedly generated approximately $1.7 billion in gains since 2015.
