Alex Thorn from Galaxy dey warn say Bitcoin fit drop reach $70K–$56K as momentum dey fade
Galaxy Digital research oga Alex Thorn dey warn say Bitcoin (BTC) fit suffer another downside risk as bullish momentum don weak and key technical supports don lost. Thorn talk say e likely say BTC go test lower edge of recent supply gap wey near $70,000 and e fit reach longer-term realized-price area around $56,000. E note say BTC don lose the 50-week moving average (wey dem first break for November) while the 200-week moving average dey near $58,000 — historical cycle support level. Technical indicators show short-term weakness (RSI near oversold, Supertrend bearish; EMA20 and other resistances dey above current price). BTC recently trade under MicroStrategy cost basis (~$76K) and under $80K for the first time since April 2025, with futures and spot data dey point to bearish pressure. Institutional data dey mixed: Coinbase Q1 2026 report show ~70% of institutions see BTC as undervalued at $85K–$95K, but limited accumulation by big investors and some sellers plan to wait for higher prices increase near-term downside probability. Reduced selling by long-term holders fit cap losses and show possible bottom near the 200-week MA, but Galaxy view raise the odds of further declines in the coming weeks. This na market commentary, no be investment advice.
Bearish
Di kombaynd ripot an analysis dey show say BTC get bearish outlook for short term. Dem don lose key technical supports (50-week MA before, price don fall below MicroStrategy cost basis and under $80K), short-term indicators weak (RSI, Supertrend, EMA20 dey act as resistance), and futures/spot flows dey show selling pressure. Galaxy forecast talk say e likely make price test supply gap around $70K and e fit reach realized-price area near $56K, with 200-week MA (~$58K) as the most likely historical stabilizer if decline continue. Mixed institutional sentiment (plenty firms see BTC as undervalued at higher levels) fit limit aggressive capitulation, and less selling from long-term holders fit help form bottom over time. But if no clear accumulation or bullish catalysts, traders likely go favour risk-off: short-term traders fit trim longs, raise stop losses, or add protective hedges; derivatives traders fit see more put demand and funding-rate-driven liquidations on leveraged long positions. Overall, expect increased volatility and downward pressure in short term, with possible stabilization only if price near 200-week MA or if on-chain/institutional accumulation resume.