Citigroup has reduced its 12-month forecast for bitcoin and ethereum due to slow U.S. legislative progress. The Wall Street brokerage reduced its bitcoin price forecast to $112,000 from $143,000, and its ethereum estimate to $3,175 from $4,304. Citi predicts that under a recessionary macro backdrop, bitcoin could drop to $58,000 and ether to $1,198, while its bull case suggests bitcoin could reach as high as $165,000. However, chances for passing a crypto bill would increase if Democrats gain seats in Congress in November mid-term elections.