Galaxy Digital research director Alex Thorn stated that Bitcoin (BTC) could continue its downtrend, emphasizing that there are few catalysts to reverse the trend. In the note he published on Monday, he expressed that there is a high probability BTC will test 70,000 dollars, the lower limit of the supply gap, in the coming weeks, followed by the realized price of 56,000 dollars. BTC is not moving in tandem with gold and silver in the market-wide ‘devaluation hedge trade’.
Source: Alex Thorn
Critical Break Points in BTC Downtrend
BTC, which rose 3% on Monday, is currently trading at 78.814 dollars (+2.98% 24h). It is 39% below its all-time high of 126,000 dollars. Thorn noted that historically in bear markets, BTC has fallen below its realized price, and the 200-week moving average (58,000 dollars) signals cycle bottoms. RSI at 28.99 is in oversold territory, with Supertrend giving a bearish signal.
- Supports: S1 78.465$ (strong, 64% score), S2 76.306$ (medium, 55% score)
- Resistances: R1 79.338$ (strong, 81% score), R2 83.548$ (strong, 65% score)
- Long-term holders’ sales have decreased, bottom signal.
Latest news: BTC fell below MicroStrategy’s cost basis (76.037$) for the first time since October 2023. It dipped below 80,000$ for the first time since April 2025. US Senate crypto bill may impact altcoins more. For more analysis, check BTC detailed analysis.
Critical Support and Resistance Levels for BTC
EMA 20: 85.656$. If nearby support at 78.465$ breaks, 76K and 70K could be tested. BTC futures market is also under bearish pressure. BTC spot market data confirms the decline.
Frequently Asked Questions in BTC Downtrend
Will BTC drop to 70,000 dollars?
Yes, high probability according to Alex Thorn, due to lack of catalysts.
What is BTC’s bottom level?
Around 58,000$, supported by 200W MA and realized price.
When will BTC rally?
Long-term holder sales have decreased, bottom may be near.
Source: https://en.coinotag.com/btc-could-drop-to-70k-alex-thorn-warning
