Bitcoin Price May Slide To $58,000, Galaxy Digital Warns
Galaxy Digital warns that Bitcoin's recent selloff may continue, potentially driving the cryptocurrency down toward $58,000 in the coming weeks or months. Analyst Alex Thorn points to on-chain data, weakening technical levels, and a lack of positive catalysts as key reasons for concern. The selloff, which saw a 15% drop late last month and triggered over $2 billion in long liquidations, pushed BTC below several important investor cost bases. Historically, drawdowns of this magnitude often extend toward 50% from the peak, which would imply a fall to approximately $63,000. Key levels to watch are the 200-week moving average and the realized price, both near the $58,000-$56,000 zone, which have acted as a gravitational pull in past cycles. Additionally, recent outflows from U.S. spot Bitcoin ETFs and a noticeable ownership "gap" in the $82,000–$70,000 range suggest there is light support, increasing the potential for a deeper decline. At the time of writing, Bitcoin traded at $78,301.
bitcoinist02/03 20:02