Analysis: BTC could fall to $58K

Alex Thorn, head of research at Galaxy Digital, suggested on X that Bitcoin could face additional medium- to long-term selling pressure after breaking through key support levels. He noted that due to weak on-chain data, growing macroeconomic uncertainty, and a lack of upward catalysts, Bitcoin could fall to its 200-week moving average at $58,000 in the coming weeks to months. Thorn pointed out that Bitcoin has fallen about 15% since late January, triggering over $2 billion in long position liquidations. Currently, approximately 46% of the total Bitcoin supply is at a loss, a level similar to past bear markets. While he anticipates possible temporary sideways movement within a 10% range of the average spot BTC ETF purchase price of $84,000, Thorn believes selling pressure will persist without a clear improvement in demand or a new upward catalyst.