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Alex Thorn, head of research at Galaxy Digital, has dramatically lowered His year-end Bitcoin price target for 2025 is $185,000 to $120,000. That said, Thorn remains bullish on Bitcoin in the long term.
The key reasons behind the short-term bearishness
Large Bitcoin holders (“whales”) have transferred coins to ETFs and institutional buyers.
On October 10, a large leverage caused a significant decrease in the market, negatively affecting liquidity.
In addition, Thorn noted that capital and attention have rotated away from Bitcoin AI and gold, which have dramatically outperformed Bitcoin this year.
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There is less new institutional investment directly in BTC. The rapid growth in stablecoins has redirected corporate and institutional focus to fintech and payment infrastructure instead of Bitcoin.
The weakness of Bitcoin treasury companies also represents another headwind.
Despite the discussions, no government has announced the purchase of Bitcoin reserves (such as the proposed US Strategic Bitcoin Reserve)
Bitcoin’s Age of Maturity
According to Galaxy, Bitcoin has now entered its maturity era with low volatility and the increasing dominance of institutional investors.
Therefore, expect the rate of price appreciation to eventually slow down.
