Galaxy Digital Revises Bitcoin Price Target to $120K

Galaxy Digital’s Alex Thorn revised Bitcoin’s year-end target to $120,000, citing shifts in market dynamics, including capital flows into gold and AI, on November 5, 2025.

This adjustment signals changing investment priorities, potentially influencing market confidence and strategy for both institutional and private investors amid evolving asset allocations.

Bitcoin at $103,541.24: Market Analysis and Historical Context

Alex Thorn, Head of Research at Galaxy Digital, outlines multiple factors influencing the updated Bitcoin price target. Capital rotation into gold, AI, and stablecoins, alongside changes in whale distribution patterns and corporate treasuries, have collectively resulted in a more conservative estimate. These elements signal a significant resistance in the market dynamics that prompted Galaxy’s decision. Institutional investments in Bitcoin ETFs have seen a marked slowdown, with inflows decreasing by 40% month-over-month as reported by Galaxy’s internal tracking.

Mike Novogratz, Galaxy Digital’s CEO, issued a statement reiterating the solid structural case for Bitcoin despite the cyclical changes. “Market cycles change. Structural case for Bitcoin remains intact. We’re watching capital flows closely as investors rotate into new themes. Galaxy remains committed to digital assets as a long-term asset class.” The market response remains cautious, with notable institutional players like Standard Chartered advocating measured dip-buying strategies, anticipating potential recovery if certain market signals emerge.

As of November 5, 2025, Bitcoin (BTC) trades at $103,541.24, with a market capitalization of approximately $2,065,039,734,481.05. This represents 59.94% market dominance. Over the past 30 days, Bitcoin’s price has fallen by 17.23%, attributed to shifting market interests and fluctuating investor sentiment, according to CoinMarketCap. The cryptocurrency’s circulating supply is nearing its max cap, indicating increasing scarcity amid ongoing market volatility. Coincu’s research team identifies potential outcomes given current trends, such as impacted liquidity in DeFi protocols and persistent capital flows towards AI and gold. Technological developments and regulatory oversight remain critical to Bitcoin’s trajectory, with historical data highlighting resilience against cyclical headwinds.

Bitcoin at $103,541.24: Market Analysis and Historical Context

Did you know? Historical precedents show Galaxy Digital’s cautious approach during similar market rotations, like in 2023, resulted in adjusted Bitcoin forecasts, followed by notable market recovery.

As of November 5, 2025, Bitcoin (BTC) trades at $103,541.24, with a market capitalization of approximately $2,065,039,734,481.05. This represents 59.94% market dominance.

Technological developments and regulatory oversight remain critical to Bitcoin’s trajectory, with historical data highlighting resilience against cyclical headwinds.