Galaxy analyst provides forecast for Bitcoin price in the upcoming weeks., 2026/02/03 17:49:42

The head of research at Galaxy Research, Alex Thorn, anticipates a further decline in Bitcoin’s price over the coming weeks, citing a lack of catalysts for a market reversal.

The analyst believes there is a considerable chance that Bitcoin will first drop to the $70,000 level, where a supply shortage previously occurred, and subsequently to $56,000 per coin.

“It remains challenging to identify catalysts, and negative trends persist, as Bitcoin is not trading in tandem with gold and silver amid a broader market trend of fiat currency devaluation,” Thorn elaborated.

He considers the behavior of long-term Bitcoin holders as an additional source of uncertainty. The absence of signs indicating that large investors are actively accumulating the coin may suggest that these market players are anticipating lower prices, according to the expert.

At the same time, profit-taking by long-term holders, which has been exerting pressure on the market, “has started to noticeably weaken.” Some investors may utilize price increases to exit their trading positions, which could hinder Bitcoin’s price recovery, added the head of Galaxy Research.

Despite the weakness of cycle theories, history indicates that levels around $56,000 and $70,000 frequently act as support points—when large investors begin to gradually increase their positions. If this trend continues, a period of stabilization and preparation for future growth may occur by the end of the month, Thorn concluded.

Previously, crypto analyst and blogger Benjamin Cowen advised Bitcoin holders to exercise patience, as the cryptocurrency’s downward trend may last longer than anticipated.