Galaxy Head of Research: Bitcoin Year-End Target Price Lowered from $185,000 to $120,000

BlockBeats News, November 5, according to CoinDesk, Galaxy Digital Head of Research Alex Thorn wrote in a report to clients on Wednesday morning: "While the structural investment logic for bitcoin remains solid, cyclical dynamics have changed."

Thorn pointed out that multiple factors have created market resistance, including: whale distribution, declining interest in bitcoin-related investments, capital rotation into other investment themes such as gold, artificial intelligence (AI), and stablecoins, as well as "sluggishness" among treasury companies. As a result, he lowered his year-end target for bitcoin from $185,000 to $120,000.