According to Galaxy Research, Bitcoin’s three-year bull market will remain structurally intact as long as it remains above $100,000.
Cryptocurrency markets remain volatile following the devastating crash on October 10th, which was perhaps one of the most severe and rapid liquidation events. The flash crash triggered massive liquidations across the market, leading to a chain of liquidations within hours that swept through leveraged positions.
The impact of these liquidations has contributed to a broader market downturn, with many assets struggling to regain momentum. As a result of the market turmoil, Bitcoin’s year-end target has been revised downward.
Bitcoin target significantly lowered
In a recent tweet, Galaxy Research highlighted that 72 of the top 100 crypto assets by market cap are currently trading at least 50% below their all-time highs. Macro factors are exacerbating these market challenges. According to the platform, this year has been marked by a significant distribution of whales, rotation into competing narratives such as AI, gold and stablecoins, and underperformance of BTC-focused financial companies.
Therefore, Galaxy Research announced that it has revised its end-of-2025 target for Bitcoin from $185,000 to $120,000. However, he explained that Bitcoin has entered a new phase, adding that the asset is in a “maturity era” dominated by institutional absorption, passive flows, and low volatility.
As such, Galaxy Research said that if Bitcoin can sustain levels around $100,000, the nearly three-year bull market will remain structurally intact, even though the pace of future gains may slow.
“Still, we think approaching all-time highs by year-end is a reasonable goal for short-term bulls.”
Base construction phase underway
Coinbase Institutional views October’s cryptocurrency decline as a possible market reset rather than a cycle top. The platform said in a recent insight that over-leveraging has been eliminated, fundamentals remain strong and institutional investors are gradually returning.
We also learned that Smart Capital is targeting EVM chains, real world assets (RWA), and yield protocols. This reflects selective rerisking rather than retreat. Although the liquidity gap remains and macro uncertainties persist, structural demand has strengthened. The company sees this as a “foundation-building” phase that could lay the foundation for the next upswing in the crypto market.
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Galaxy CEO Mike Novogratz added his perspective on investor behavior, saying the slowdown was due to long-term investors rebalancing their portfolios after a long bull market. He noted that while the diversification of large and concentrated positions may temporarily weigh on prices, it is healthy in the medium to long term.
Novogratz also suggested that cycle highs are likely not yet reached. Looking ahead, he expects a new Federal Reserve chair to take a more dovish approach by the end of the year, which could provide the narrative needed to support the next expected rise in crypto prices.
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