Galaxy's Alex Thorn Cautions That Bitcoin's 15% Weekly Decline Is Only the Beginning

Written by Emily J. Thompson, Senior Investment Analyst

Source: stocktwits

Updated: 6d ago

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Should l Buy ?

Source: stocktwits

Bitcoin Price Decline: Bitcoin has experienced a significant decline of 15% recently, dropping over $2 billion in long liquidations, and is currently trading well below its ETF cost bases.
Market Trends and Predictions: Alex Thorn from Galaxy Digital warns that the recent sell-off should not be viewed as short-term noise, indicating potential further declines that could see Bitcoin prices drop to around $63,000.
Historical Patterns: Bitcoin has historically shown patterns of severe drawdowns, with past declines often exceeding 50%, suggesting that current trends may lead to similar outcomes.
Current Market Sentiment: Despite a slight improvement in retail sentiment around Bitcoin, the overall market remains bearish, with significant selling pressure and little evidence of long-term holders accumulating more Bitcoin.

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About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

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