Industry Experts Lower Bitcoin Price Targets Amid Crypto Market Slowdown

Core Insights - Market experts are reducing their bullish Bitcoin forecasts for both short and long-term projections, with notable reductions from ARK Invest and Galaxy Digital [1][5] ARK Invest's Outlook - ARK Invest's CEO Cathie Wood has revised her 2030 Bitcoin price target from $1.5 million to $1.2 million, citing the growth of stablecoins as a factor [2] - Wood indicated that stablecoins are "usurping part of the role" Bitcoin was initially expected to fulfill, serving as cash equivalents while Bitcoin remains a global monetary system [3] - Despite the adjustments, Wood maintains that Bitcoin could capture at least half of the gold market's value, aligning with VanEck's outlook that Bitcoin could reach half of gold's market capitalization after the next halving [3][4] Galaxy Digital's Adjustments - Galaxy Digital's Alex Thorn has lowered his year-end Bitcoin target from $185,000 to $120,000, which is below Bitcoin's all-time high of over $126,000 [5] - The downward revision is attributed to a multi-week selloff in the crypto market, with Bitcoin trading below $100,000 for the first time since late June [6] - Thorn's research note highlights several challenges impacting Bitcoin's price, including whale activity, leverage wipeout, capital rotation towards AI and tech stocks, stablecoin growth, retail fatigue, policy inaction, and structural maturity of the Bitcoin market [6][7]