Bitcoin Could Drop Below $60K, Says Galaxy Analyst—Here's Why
Bitcoin has fallen nearly $50,000 (38%) from its October all-time high to under $80,000, with risk of further decline below $60,000, according to Galaxy’s Alex Thorn. He cites structural weakness in key price indicators, Bitcoin’s failure as an inflation hedge amid gold’s rise, and a lack of bullish catalysts. Historical data suggests whenever Bitcoin drops 40% from a peak, it typically extends losses to 50%, pointing to a possible fall near the 200-week moving average ($58,000). Bitcoin’s recent dip below the 50-day moving average, a significant bearish signal in past bull markets, reinforces this risk. Although long-term holders’ profit-taking has slowed, hinting at a possible bottom, further losses could present strong buying opportunities for long-term investors. Prediction markets currently assign a 66% probability that Bitcoin will fall to $69,000 before it rebounds to $100,000.
