Galaxy's Research Chief Capitulates on Bullish Bitcoin Call After Tuesday's Plunge

Core Viewpoint - A well-known analyst has reduced his year-end price target for Bitcoin (BTC) from $185,000 to $120,000, citing evolving cyclical dynamics despite a strong structural investment case [1][2] Analyst Insights - Alex Thorn from Galaxy Digital highlights factors such as whale distribution, declining interest in BTC-related investments, and competition from gold, AI, and stablecoins as headwinds affecting Bitcoin's price [2] - Charlie Morris from ByteTree expresses cautious optimism, noting that the $100,000 level could serve as a significant support level, although he warns against over-reliance on it [3] - Geoffrey Kendrick from Standard Chartered sees potential in Bitcoin's volatility and suggests a phased dip-buying strategy based on price movements [4] Market Movements - Bitcoin experienced a modest recovery, bouncing back above $103,000 after a significant selloff that saw prices dip below $99,000 for the first time since June [5] - Ethereum's ether (ETH) rebounded nearly 10% from its low, trading at $3,340, although it remains down 6% over a 24-hour period [5] - Altcoins like Hyperliquid (HYPE) and Zcash (ZEC) led the recovery with gains of 6% and 10%, respectively [6] - Crypto-related equities showed slight gains, with Coinbase (COIN) up 1.9% and MicroStrategy (MSTR) up 1.4% [6]