Gemini Target Cut by Citi, Bullish Token Price Forecast Raised

Citi Cuts Gemini Price Target While Bullish Gains Steam

Citigroup lowered its price target on Gemini (GEMI) to $23 from $26, maintaining a neutral, high-risk rating, even as shares rose 5.5% to $20.60 on Friday. Analyst Peter Christiansen noted that despite strong marketing efforts—including the Gemini Card and high app downloads—trading volume growth has slowed. Early October figures show volumes only slightly above September and weaker than July or August, dampening expectations from the XRP co-branded card launch ahead of Gemini’s IPO. The revised price target reflects a 45% discount to Coinbase’s projected 2027 enterprise value-to-sales ratio.

By contrast, Bullish (BLSH) is benefiting from strong momentum. Citi raised its price target to $77 from $70, implying nearly 40% upside from its current $55.62. The upgrade follows the platform’s New York BitLicense approval and growing institutional adoption. Citi reaffirmed its buy/high-risk rating, citing Bullish’s leadership position in the next phase of crypto adoption amid improving regulatory clarity.

Bullish is also the owner of CoinDesk, further solidifying its footprint in the crypto information ecosystem.