Now, he has set the expected price at $120,000.
Thorne listed factors that prevent Bitcoin from rising rapidly as initially expected. The researcher noted that large Bitcoin holders, so-called whales, are currently actively selling or moving large volumes of assets to exchanges, locking in profits. This increases the Bitcoin supply and creates additional pressure on the market, leading to a negative change in the BTC price.
A senior manager at Galaxy Digital noted growing investor interest in artificial intelligence (AI) and gold. As a traditional safe-haven asset, gold is in demand during times of political instability and rising inflation, so many investors prefer to invest in the precious metal rather than volatile Bitcoin, Thorne noted.
The analyst mentioned stablecoins, whose total market capitalization has grown significantly as they begin to attract the attention of venture capitalists. Stablecoins are no longer considered speculative assets, being used for international money transfers or payment solutions. These stable cryptocurrencies may appear to large companies to be a more profitable investment than Bitcoin, according to a representative of Galaxy Digital.
Thorne believes that the growth of the leading cryptocurrency could be hindered by the poor financial results of public companies holding Bitcoin. A Bitcoin crash could cause these companies' shares to fall, dampening the enthusiasm of businessmen who are just exploring the possibility of buying Bitcoin and following the example of Strategy, the largest BTC holder.
Earlier, Galaxy Digital announced that it had added XRP to its investment portfolio, investing $34.4 million in the altcoin.