Title: Galaxy Digital Revises Year-End Bitcoin Forecast: From $185K to $120K

Galaxy Digital, one of the leading investment firms in the crypto industry, has revised its year-end Bitcoin price forecast for 2025. Citing shifting market dynamics, the firm’s research head, Alex Thorn, informed clients that their projection for Bitcoin has been lowered from $185,000 to $120,000.

According to the latest report, Bitcoin’s cyclical dynamics have undergone noticeable changes. The firm pointed out several key factors behind this downward revision:

Large-scale investor sell-offs: Older holders selling to ETFs and new institutional buyers created friction within the market, leading to an unprecedented redistribution phase. Around 470,000 BTC worth $50 billion changed hands during this process, establishing strong resistance levels at critical price zones.

October 10 crash: The massive liquidation of leveraged positions on October 10 hurt market liquidity and overall confidence.

Rising competition among macro assets: Although Bitcoin started the year as one of the most dominant investment themes, AI-driven stocks, gold, and the “Magnificent Seven” equities drew both capital and attention away from Bitcoin.

Stablecoin expansion: The rapid growth of stablecoins redirected venture capital toward fintech and payment infrastructure projects rather than Bitcoin-focused initiatives.

Weak retail participation: Retail investors have not returned with the same enthusiasm seen in 2021. When they did, the focus on meme coins instead of Bitcoin’s long-term value narrative diluted overall interest.

Lack of sovereign accumulation: Despite positive rhetoric, no government has yet accumulated Bitcoin as part of its reserves. The U.S., in particular, has remained silent on any potential strategic Bitcoin holdings.

Galaxy Digital’s report highlights that Bitcoin has entered a “maturity phase”, characterized by institutional adoption, passive fund inflows, and reduced volatility. The firm believes that as long as the price stabilizes above $100,000, the ongoing bull market—now entering its third year—will remain structurally strong.

However, the report also warns that the pace of future growth may slow down. It concludes by stating:

> “Revisiting previous all-time highs by the end of the year seems a reasonable short-term target for investors, but the next phase of growth will likely be more gradual.”
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