Core Viewpoint - Galaxy has revised its end-of-year Bitcoin target from $185,000 to $120,000 following a significant market downturn, with Bitcoin dropping below $100,000 for the first time in six months [1][3]. Market Dynamics - Bitcoin is entering a "maturity era," characterized by institutional absorption, passive flows, and lower volatility, leading to slower future gains [2]. - The recent trading price of Bitcoin is $103,923, reflecting a 3% increase from the previous day but down nearly 18% from its all-time high of $126,080 [3]. Market Challenges - A record $19 billion liquidation on October 10 has negatively impacted investor confidence and market liquidity [4]. - Other investment assets, such as gold and AI-related stocks, are becoming more attractive, diverting attention from Bitcoin [4]. - The interest in stablecoins has also shifted focus away from Bitcoin [4]. Policy Environment - Despite initial discussions about establishing a Bitcoin strategic reserve under the Trump administration, there have been no purchases or significant government communication regarding this initiative [5]. Retail Investor Sentiment - Retail investors have shown apathy towards Bitcoin since 2021, with only temporary interest during last year's meme coin craze, which has not led to sustained belief in Bitcoin [6]. - Bitcoin treasury companies are expected to enter a second phase where they must find alternative revenue sources as Bitcoin price momentum slows [6]. Future Predictions - Predictors estimate a 64% likelihood that Bitcoin will reach $115,000 before hitting $85,000 [7]. - Despite current challenges, Galaxy's head of research remains bullish on Bitcoin's long-term prospects, although it may take longer than anticipated to achieve significant price increases [7].

JUST IN: 🇺🇸 Senator Cynthia Lummis says Bitcoin buys for a U.S. strategic reserve could start "anytime."Bitcoin strategic reserve is happening 🚀 https://t.co/E1GwjyhrxI ...

massachusetts votes october 7 on bitcoin strategic reserve. first us state to schedule an actual vote, not just propose. if one state puts btc on the balance sheet, neighboring states face immediate questions about why they're not protecting their treasury the same way. states move in herds once the first one commits. ...

📰 #AscendEX Daily Updates🔷ECR Minerals, a UK-based gold mining company, has announced plans to establish a Bitcoin strategic reserve.🔷The latest report from the Federal Reserve explores using gold reserve valuation profits to fund Bitcoin strategic reserves.🔷The Financial Supervisory Service of South Korea is conducting the second phase of research on virtual asset legislation.#AscendEX #Crypto #CryptoNews ...

BREAKING: Trump administration releases report from crypto working group, with details on a Bitcoin strategic reserve notably missing 🤨 https://t.co/PAhx17g0hP ...