{"id":90705,"date":"2025-11-06T10:10:09","date_gmt":"2025-11-06T07:10:09","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=90705"},"modified":"2025-11-06T10:17:18","modified_gmt":"2025-11-06T07:17:18","slug":"galaxy-digital-cuts-its-2025-year-end-bitcoin-target-to-120000","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/galaxy-digital-cuts-its-2025-year-end-bitcoin-target-to-120000\/","title":{"rendered":"Galaxy Digital cuts its 2025 year-end Bitcoin target to $120,000"},"content":{"rendered":"<p>Investment firm Galaxy Digital has lowered its year-end 2025 price target for the first cryptocurrency to $120,000, head of research Alex Thorn said.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">i\u2019m lowering my BTC bullish EOY target to $120k (prev $185k) \ud83d\udc40<\/p>\n<p>just sent this note to clients<\/p>\n<p>whale distribution, non-BTC investments, treasury company malaise, and other factors contributed to BTC headwinds in 25<\/p>\n<p>(long-term future still bullish, of course) <a href=\"https:\/\/t.co\/2aj1eoJlno\">pic.twitter.com\/2aj1eoJlno<\/a><\/p>\n<p>\u2014 Alex Thorn (@intangiblecoins) <a href=\"https:\/\/twitter.com\/intangiblecoins\/status\/1986063118079021068?ref_src=twsrc%5Etfw\">November 5, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Analysts had previously forecast $185,000.<\/p>\n<p>Thorn attributed the revision to Bitcoin\u2019s entry into a \u201cmaturity era\u201d. It is characterised, he said, by dominant institutional flows and reduced volatility.<\/p>\n<p>The long-term outlook for Bitcoin remains structurally sound, he emphasised.\u00a0<\/p>\n<p>He cited as key drivers of the pullback large-scale <a href=\"https:\/\/forklog.com\/en\/news\/whales-offload-17500-btc-amid-market-decline\">whale coin sales<\/a> \u2014 roughly 470,000 BTC worth $50bn \u2014 and a retreat by retail participants. Thorn said these have created persistent resistance near key levels.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cIf Bitcoin manages to hold $100,000, the structural integrity of the nearly three-year bull market will be preserved, though the pace of further gains may slow,\u201d he added.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>Bitcoin\u2019s price has also been affected by capital rotating into other popular themes \u2014 artificial intelligence and <a href=\"https:\/\/forklog.com\/en\/news\/golds-market-capitalisation-tops-30trn-for-the-first-time\">gold<\/a>. The asset failed to become the \u201cmain trade\u201d in 2025, the expert said; with abundant liquidity, \u201cinvestor attention is limited\u201d.\u00a0<\/p>\n<p>Over the past seven days Bitcoin has fallen almost 5%. At the time of writing it trades around ~$103,350, 18.2% below the all-time high above $126,000 reached in October.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"599\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-19484a4f6fdf70e8-8805549559361128-1024x599.png\" alt=\"image\" class=\"wp-image-269061\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-19484a4f6fdf70e8-8805549559361128-1024x599.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-19484a4f6fdf70e8-8805549559361128-300x175.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-19484a4f6fdf70e8-8805549559361128-768x449.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-19484a4f6fdf70e8-8805549559361128-1536x898.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-19484a4f6fdf70e8-8805549559361128.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Hourly chart of BTC\/USDT on Binance. Source: <a href=\"https:\/\/ru.tradingview.com\/chart\/atJ4mYHE\/?symbol=BINANCE%3ABTCUSDT\">TradingView<\/a>.\u00a0<\/figcaption><\/figure>\n<p>Earlier, a trader known as Lourenco VS <a href=\"https:\/\/forklog.com\/en\/news\/analysts-see-nothing-unusual-in-bitcoins-19-pullback-from-its-peak\">said<\/a> there is nothing anomalous about Bitcoin\u2019s current decline.\u00a0<\/p>\n<h2 class=\"wp-block-heading\">\u201cThe thin red line\u201d<\/h2>\n<p>Bitcoin has lost a key support level that confirmed the bear market in 2022, noted analysts at <a href=\"https:\/\/cryptoquant.com\/insights\/research\/690b604032cba61828b08f33-05-November-2025-That-Red-Thin-Line-Bitcoin-Breaks-Key-Support-Level-That-Confir?utm_source=telegram&#038;utm_medium=sns&#038;utm_campaign=research&#038;utm_content=crypto-weekly-report\">CryptoQuant<\/a>.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"633\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-d484d2ecdb89e2ed-8805568205099882-1024x633.jpeg\" alt=\"image\" class=\"wp-image-269062\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-d484d2ecdb89e2ed-8805568205099882-1024x633.jpeg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-d484d2ecdb89e2ed-8805568205099882-300x185.jpeg 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-d484d2ecdb89e2ed-8805568205099882-768x475.jpeg 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-d484d2ecdb89e2ed-8805568205099882.jpeg 1210w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: CryptoQuant.\u00a0<\/figcaption><\/figure>\n<p>They stressed that the first cryptocurrency fell below the 365-day moving average \u2014 $102,000. Throughout the current bull phase this level has served as the main support. Its breach in December 2021 and January 2022 was among the final signals of the bear market\u2019s onset.\u00a0<\/p>\n<p>It is important for Bitcoin to hold above $100,000 \u2014 the realized price for traders, which has so far served as a key reference point. A renewed drop below that level would likely send it towards the next boundary at $72,000.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"620\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-d087f12a28e3e9e6-8805582442159299-1024x620.jpeg\" alt=\"image\" class=\"wp-image-269063\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-d087f12a28e3e9e6-8805582442159299-1024x620.jpeg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-d087f12a28e3e9e6-8805582442159299-300x182.jpeg 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-d087f12a28e3e9e6-8805582442159299-768x465.jpeg 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-d087f12a28e3e9e6-8805582442159299.jpeg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: CryptoQuant.\u00a0<\/figcaption><\/figure>\n<p>On a network-value basis, support sits <a href=\"https:\/\/forklog.com\/en\/news\/traders-eye-92000-as-bitcoins-next-target\">around $91,000<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe calculation is based on <\/em><a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%97%D0%B0%D0%BA%D0%BE%D0%BD_%D0%9C%D0%B5%D1%82%D0%BA%D0%B0%D0%BB%D1%84%D0%B0\"><em>Metcalfe\u2019s law<\/em><\/a><em>, according to which a network\u2019s value is proportional to the square of its number of users. [\u2026] Historically, Bitcoin traded near this level from November 2024 to May 2025, which confirms its significance,\u201d the analysts said.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>Beyond price levels, investor conviction plays a crucial role, noted CryptoQuant contributor MorenoDV.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Nearly 1\/3 of All Bitcoin in Circulation is Now Held at a Loss<\/p>\n<p>\u201cWhile this might sound alarming, history shows that such levels have often marked local bottoms rather than breakdowns during bullish cycles.\u201d \u2013 By <a href=\"https:\/\/twitter.com\/MorenoDV_?ref_src=twsrc%5Etfw\">@MorenoDV_<\/a> <a href=\"https:\/\/t.co\/r9IfQcaktx\">pic.twitter.com\/r9IfQcaktx<\/a><\/p>\n<p>\u2014 CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1986064052796240020?ref_src=twsrc%5Etfw\">November 5, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Nearly one in three Bitcoin holders is now at a loss, signalling mounting stress among buyers. Such levels in the past have often coincided with local lows, the expert noted.\u00a0<\/p>\n<p>The longer the price stays under pressure, the greater the emotional burden on participants. Prolonged stress can spur impulsive behaviour: long-term holders begin to take profits, and new investors leave the market as soon as they break even.<\/p>\n<p>MorenoDV said the sector is in a fragile balance \u201cbetween fear and patience\u201d. If sentiment does not recover, the demand structure could be disrupted.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cBut if fear reaches an extreme and selling pressure fades, these same levels could form a solid bottom, laying the foundation for the next accumulation phase,\u201d he concluded.<\/em><\/p>\n<\/blockquote>\n<p>Earlier, Bitwise chief investment officer Matt Hougan <a href=\"https:\/\/forklog.com\/en\/news\/bitwise-declares-bitcoins-silent-ipo-has-begun\">called<\/a> Bitcoin\u2019s current sideways movement a \u201cquiet <span data-descr=\"initial public offering\" class=\"old_tooltip\">IPO<\/span> moment\u201d. In equities, this implies a lull of 8\u201316 months before prices begin to rise.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Galaxy Digital has cut its year-end 2025 Bitcoin target to $120,000.<\/p>\n","protected":false},"author":1,"featured_media":90706,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"CryptoQuant analysts flagged a potential drop to $72,000.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1146,1205,770,1138],"class_list":["post-90705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-cryptocurrency-market-forecasts","tag-cryptoquant","tag-galaxy-digital","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"265","promo_type":"1","layout_type":"1","short_excerpt":"CryptoQuant analysts flagged a potential drop to $72,000.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=90705"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90705\/revisions"}],"predecessor-version":[{"id":90707,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90705\/revisions\/90707"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/90706"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=90705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=90705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=90705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}