Alex Thorne, head of research at Galaxy Digital, one of the largest institutional investors in the crypto market, told CNBC that he has significantly lowered his year-end price target for Bitcoin, but remains optimistic for the long term.
Thorne announced that he has lowered his year-end Bitcoin price target from $185,000 to $120,000. The revisions follow “boundless optimism” at the start of the year amid market liquidity constraints and economic uncertainty in recent weeks.
Galaxy Digital’s head of research said that while Bitcoin could regain momentum soon, investors’ attention has now shifted to other sectors. Thorne explained that interest in Bitcoin is temporarily waning as investors are currently focusing on areas such as artificial intelligence (AI), nuclear power, quantum technology, and gold.
Thorne expressed his belief that interest will eventually return to Bitcoin, as it has in the past.
Despite the downgrade, Alex Thorne remains positive about Bitcoin’s long-term prospects. He believes that the market is entering a more mature stage and that the distribution of Bitcoin from large holders to new investors is solidifying the asset base and laying a sound foundation for future upward trends.
*This is not investment advice.