Overview
- The firm lowered its 2025 year-end forecast from $185,000 to $120,000, calling the shift a response to changing market structure.
- Bitcoin briefly fell below $100,000 for the first time in six months before rebounding above that level, according to CoinGecko data.
- Galaxy cited October’s record leverage washout of roughly $19 billion as damaging liquidity and confidence, contributing to softer momentum.
- Analysts pointed to whale distribution, a rotation toward gold, AI equities and stablecoins, and the lack of U.S. government Bitcoin purchases as additional headwinds.
- Despite the downgrade, Galaxy expects a gradual advance that may only approach prior highs by year-end, and CEO Mike Novogratz sees a $100,000–$125,000 trading range absent new catalysts.