According to a recent report by Galaxy Digital, Alex Thorn, Head of Research, points out that while the structural investment logic for Bitcoin remains strong, the cyclical dynamics have changed. Considering factors such as the distribution of whales, waning interest in Bitcoin-related investments, funds shifting to competing investment areas like gold, artificial intelligence, and stablecoins, as well as the "weakness" of treasury firms, all of which negatively impact Bitcoin, he proposes lowering his year-end price target for Bitcoin from $185,000 to $120,000. (CoinDesk)