Alex Thorn, head of research at Galaxy Digital, posted on social media that Bitcoin's recent performance has been weak, and it could potentially decline further to the 200-week moving average (around $58,000) in the coming weeks or months. Data shows that Bitcoin has retraced about 38% from its historical high on October 6, 2025, and experienced a sharp drop over the weekend, triggering over $2 billion in long liquidations. Currently, 46% of Bitcoin's supply is in a loss position, and there is a supply gap in the $70,000–$80,000 range. The article notes that Bitcoin's failure to act as a "depreciation hedge" alongside assets like gold and silver has damaged its narrative. Historical data suggests that the area around the 200-week moving average and the realized price (approximately $56,000) often provides good entry points for long-term investors.
Galaxy Digital Analyst Predicts Bitcoin Could Drop to $58,000 in Weeks or Months
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Summary
Galaxy Digital's Alex Thorn warns that Bitcoin could drop to $58,000 within weeks or months. The price has corrected by 38% from its peak on October 6, 2025, with a weekend crash erasing $2 billion in long positions. Over 46% of Bitcoin is now in negative territory, and there is a supply gap between $70,000 and $80,000. Thorn notes that Bitcoin's failure to act as a hedge against depreciation has hurt its appeal. For those considering value investing in crypto, the 200-week moving average and the realized price near $56,000 may offer a more favorable risk-to-reward ratio for long-term buyers.
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