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Contrarian bulls may take some heart as at least one well-followed analyst throws in the towel on his hefty year-end price target for bitcoin .
“While the structural investment case for bitcoin remains strong, the cyclical dynamic has evolved,” Alex Thorn, head of research at Mike Novogratz’s Galaxy Digital, he wrote in a note on Wednesday morning to customers.
Citing the whale distribution, waning interest in BTC-adjacent investments, the pivot to competing investment narratives such as gold, artificial intelligence (AI) and stablecoins and treasury company “malaise” as contributing to the headwinds, Thorn lowered his year-end price target for bitcoin to $120,000 from $ 185,000.
At least two other analysts were somewhat more constructive. “There’s no need to be too bearish on BTC at this point,” said Charlie Morris, chief investment officer at ByteTree. The $100,000 level has the potential to be a major support level as it has been tested several times, he said, but “bad things can happen, so we shouldn’t count on it.”
Morris added that BTC, now barely in the green for 2025, is currently “in no way overbought and underbought,” hinting at cautious optimism for the potential upside once stability returns.
Meanwhile, Standard Chartered’s Geoffrey Kendrick saw opportunity in the volatility. “The dip below 100,000 overnight may be the last ever,” he wrote in a note on Wednesday. Kendrick established a phased buying approach: take 25% of a target position now, another 25% if BTC manages to close above $103,000 on Friday, and the final 50% of the BTC-gold allocation in the ratio of 50% of the BTC allocation is currently at 3. 26.
Wednesday sees the first gains
Bitcoin It rebounded modestly above $103,000 in the early hours of the US morning on Wednesday, recouping some of the losses from Tuesday’s strong sell-off that pushed prices below $99,000 for the first time since June.
The ether of Ethereum has rebounded nearly 10% from Tuesday’s low, when forced liquidations dragged the price to just over $3,000. The second largest crypto traded at $3,340, up 10% from its worst levels on Tuesday, but still down 6% in a 24-hour period.
The fastest horses among altcoins were decentralized exchange tokens and privacy-focused Zcash leading the rebound with 6% and 10% gains, respectively.
Crypto-related equities open the session with tepid gains after yesterday’s major losses. Among the gainers was Coinbase (COIN), up 1.9% and Strategy (MSTR), up 1.4%.
