Alex Thorn, head of research at Galaxy Digital, one of the leading institutional investors in the cryptocurrency market, told CNBC that he significantly lowered his year-end price target for Bitcoin but maintained his long-term optimism.
Thorn announced that he has lowered his year-end Bitcoin price target to $120,000, having previously set it at $185,000. This revision was made following “boundless optimism” at the beginning of the year, amidst market liquidity constraints and economic uncertainty in recent weeks.
While Galaxy Digital’s head of research noted that Bitcoin could regain momentum soon, he noted that current investor interest has shifted to other sectors. Thorn explained that investors are currently focusing on areas like artificial intelligence (AI), nuclear energy, quantum technology, and gold, which has temporarily dampened interest in Bitcoin.
Thorn expressed his belief that interest will eventually return to Bitcoin, as it always has.
Despite the downgrade, Alex Thorn remains positive about Bitcoin’s long-term outlook. He believes the market is entering a more mature phase, and the distribution from large Bitcoin holders to new investors is solidifying the asset’s base and laying a healthy foundation for a future uptrend.
*This is not investment advice.