Summary
- Galaxy Digital said it lowered Bitcoin's year-end target from $185,000 to $120,000.
- Alex Sohn, head of research, said recent large-scale liquidations and the market's risk-off sentiment acted as short-term downward pressure.
- Geoffrey Kendrick of Standard Chartered analyzed that the current range is a good zone to adopt a buy-the-dip strategy.
Galaxy Digital lowered its year-end target for Bitcoin (BTC) from $185,000 to $120,000.
On the 5th (local time), according to crypto-focused media CoinDesk, Alex Sohn, Galaxy Digital's head of research, said, "Bitcoin's short-term bullish momentum has weakened after it relinquished the $100,000 support level," explaining the downward adjustment.
Sohn said, "Recent large-scale liquidations and the market-wide risk-off sentiment have acted as short-term downward pressure," adding, "however, Bitcoin's fundamentals remain solid."
Meanwhile, Geoffrey Kendrick of Standard Chartered said, "Bitcoin's drop below $100,000 is probably the last correction," and analyzed, "the current range is a good zone in which to employ a laddered buy-the-dips strategy."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
