Contrarian Bulls can take heart as at least one well-followed analyst is throwing in the towel on his hefty price target for Bitcoin .
“While the case for bitcoin’s investment structure remains strong, the cyclical dynamics have evolved,” Alex Thorn, head of research at Mike Novogratz’s Galaxy Digital, said. write in a Wednesday morning note to clients.
Noticing the distribution of the whale, losing interest in BTC-adjacent investment, rotation in competing investment narratives such as gold, artificial intelligence (AI) and StableCoins and Treasury Company “Malaise” as contributing to the headwinds, spiked his year-end price for the target price for Bitcoin to $ 120,000 from $ 185,000.
At least two other analysts were a tad more constructive. “There’s no need to get too bearish on BTC at this point,” said Charlie Morris, chief investment officer at Bytetree. The $100,000 level has the potential to be a key support level, as it has been tested on several occasions, he said, but “bad things can happen, so we shouldn’t expect it.”
Morris added that BTC, which is now mostly in the green for 2025, is currently “untired and undisturbed,” indicating careful optimization for potential upside once stability returns.
Standard Chartered’s Geoffrey Kendrick, meanwhile, sees opportunity in the volatility. “The dip below 100,000 overnight may well be the last one,” he wrote in a Wednesday note. Kendrick laid out a phased dip-buying strategy: choose 25% of a target position today, another 25% if BTC manages to close above $103,000 on Friday, and the final 50% allocation if the BTC-Gold price ratio moves above 30, currently at 26.
Wednesday sees early gains
Bitcoin It staged a moderate bounce above $103,000 by early morning on Wednesday, recovering some of the losses from Tuesday’s steep selloff that pushed prices below $99,000 for the first time since June.
Ethereum’s ether It rebounded nearly 10% from Tuesday’s low, when forced liquids dragged the price up to just over $3,000. The second-largest crypto traded at $3,340, up 10% from Tuesday’s worst level, but still down 6% in a 24-hour period.
The fastest horse among altcoins is decentralized exchange tokens and privacy-focused Zcash leading the bounce with 6% and 10% gains, respectively.
Crypto-related equities opened the session with gains made after yesterday’s major losses. Among the gainers were Coinbase (coin), up 1.9% and strategy (MSTR), up 1.4%.
