Galaxy Research Director: Lowers Bitcoin year-end price target to $120,000

According to CoinDesk, Alex Thorn, the research director at Galaxy Digital led by Mike Novogratz, wrote in a report to clients on Wednesday: "While the structural investment logic for Bitcoin remains strong, the cyclical dynamics have changed."

Considering factors such as whale distribution, declining interest in Bitcoin-related investments, a shift of funds towards competing investment areas like gold, artificial intelligence, and stablecoins, as well as the "softness" of treasury companies, Thorn has lowered the year-end price target for Bitcoin from $185,000 to $120,000.

At least two other analysts hold a slightly more optimistic view. ByteTree's Chief Investment Officer Charlie Morris stated that there is currently no need to be overly pessimistic about Bitcoin, and the $100,000 price level could become an important support level, as it has been tested multiple times. Standard Chartered's Geoffrey Kendrick sees opportunities in the volatility and suggests a phased buying strategy on dips.