Bitcoin May Drop Below $60K: Galaxy Analyst Warns - BTCG

[Para 1: The Lead] Bitcoin, trading at $77,873, faces a potential decline to below $60,000, according to Galaxy Research's Alex Thorn. The analyst cites structural weakness in Bitcoin's realized price, failure to act as a debasement hedge against gold, and lack of near-term catalysts as key factors. [Para 2-3: Supporting details & Context] Thorn's analysis reveals Bitcoin's price could extend losses to test the 200-week moving average at $58,000 and the realized price at $56,000. Historical data shows Bitcoin has fallen to 50% below its all-time high after 40% declines. Long-term profit-taking has abated, signaling potential bottoming, but the immediate outlook is bearish. A drop to $58,000 offers an entry point for long-term investors, Thorn notes.