Bitcoin Bearish Revision: Galaxy Digital’s Alex Thorn Cuts Year-End Target to $120K Amid Market Shifts

COINOTAG News, citing CoinDesk, reported that Galaxy Digital’s Head of Research Alex Thorn sent a client update this week. He argues that while the Bitcoin investment thesis remains intact over the long run, the cyclical momentum in the market has shifted. The note points to several headwinds, including whale distribution, waning BTC investment interest, and a capital rotation toward gold, AI-driven strategies, and stablecoins, alongside growing treasury listlessness among corporates.

Given these dynamics, Thorn lowered his year-end Bitcoin price target to $120,000 from $185,000, signaling a more cautious price outlook for BTC amid shifting liquidity. The update emphasizes that macro factors and sector rotations may constrain upside near-term, even as the fundamental case for Bitcoin remains intact for investors with a longer horizon.