Galaxy's research chief lowered his year-end price target for Bitcoin to $120,000.

"While the structural investment logic for Bitcoin remains strong, the cyclical dynamics have shifted," wrote Alex Thorn, head of research at Galaxy Digital, owned by Mike Novogratz, in a report to clients on Wednesday. He cited factors such as the distribution of whales, waning interest in Bitcoin-related investments, a shift of funds towards competing investment areas like gold, artificial intelligence, and stablecoins, and the "weakness" of treasury firms as all factors negatively impacting Bitcoin. Thorn lowered his year-end price target for Bitcoin from $185,000 to $120,000.