One focal point in the analysis is the so-called supply gap between roughly $70,000 and $80,000, where relatively few coins last changed hands onchain. Thorn argues that thin ownership in this range could make it easier for prices to drift lower as the market searches for demand.
FAQ Why does Galaxy think bitcoin could fall further?Galaxy’s analysis cites broken technical levels, weak accumulation signals, and onchain supply gaps that may allow prices to drift lower. What price levels are being watched as potential support?The report highlights bitcoin’s realized price and 200-week moving average in the high-$50,000 range as key long-term areas. How far is bitcoin from its all-time high?As of Feb. 2, 2026, bitcoin is about 37.6% below its October 2025 peak above $126,000. What onchain trend suggests a potential bottom may be forming later?The report shows long-term holder profit-taking has slowed, a pattern seen near prior cycle lows.Bitcoin Weakness Points Lower as Galaxy’s Head of Research Flags Risk of Deeper Pullback
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