Galaxy Digital "Bitcoin attention temporarily declines…momentum will recover"

JOON HYOUNG LEE

Summary

Galaxy Digital's head of research said attention to Bitcoin has temporarily decreased but could recover upward momentum soon.
He said that recently investors' attention has moved to AI, nuclear power, quantum technologies, gold, weakening investment inflows into Bitcoin.
Galaxy Digital said it lowered its Bitcoin year-end target from $185,000 to $120,000.

An analysis suggested that Bitcoin (BTC) could regain upward momentum soon.

On the 9th, Cointelegraph reported that Alex Thorn (Alex Thorn), head of research at Galaxy Digital, said in a recent interview with U.S. CNBC, "Earlier this year, optimism about Bitcoin was dominant," and "(Bitcoin) could regain momentum soon." He said, "Investor attention has shifted to artificial intelligence (AI), nuclear power, quantum technologies, gold, and so on, temporarily reducing attention to Bitcoin," and "(investors') attention will eventually return to Bitcoin."

However, Galaxy Digital lowered its year-end target for Bitcoin. In a recent report, Galaxy Digital lowered its Bitcoin year-end target from $185,000 to $120,000, a $65,000 downgrade. Galaxy Digital said, "The expansion of AI infrastructure and the data center investment boom absorbed massive capital," and "With increased geopolitical risk, gold has reemerged as a safe-haven asset, weakening inflows into Bitcoin."

BTC