Galaxy trims bitcoin year-end target to $120,000 amid whale selling, AI competition and gold demand

Following Bitcoin's dip below $100,000, Galaxy Digital has reduced its 2025 year-end price target from $185,000 to $120,000, suggesting the cryptocurrency is entering a "maturity era" characterized by institutional flows and lower volatility. Alex Thorn, Galaxy's head of research, noted that while the long-term outlook remains sound, the year has been marked by heavy whale distribution, ETF absorption, and reduced retail participation. The market is currently fragile due to ETF outflows, thinning liquidity, and significant selling from long-term holders, who have redistributed about $50 billion worth of Bitcoin. Furthermore, capital rotation into competing narratives like artificial intelligence and gold has constrained Bitcoin's performance. While some analysts see the current phase as a crucial inflection point where selling pressure might ease, others, like CryptoQuant, warn that failure to hold the $100,000 support level could lead to a drop toward $72,000.

(Source：The Block)