Galaxy’s Alex Thorn says Bitcoin’s realized price is currently $56,000, a level it is likely to fall to without clear drivers to spark a rally.
Bitcoin could continue its downtrend as there are few catalysts to reverse the cryptocurrency’s fortunes, says Galaxy Digital research lead Alex Thorn.
Thorn said in a note on Monday that there is a “significant chance” that over the coming weeks, Bitcoin (BTC) could fall to the bottom of a gap in supply at $70,000 before testing its realized price of $56,000, the average cost of all BTC in circulation.
“Catalysts remain hard to find and narratives are also working against Bitcoin as it fails to trade along with gold and silver as part of a market-wide ‘debasement hedge trade,’” he added.
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