PANews reported on November 5th that, according to CoinDesk, Alex Thorn, head of research at Mike Novogratz's Galaxy Digital, wrote in a report to clients on Wednesday: "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, and the "weakness" of treasury firms, all of which negatively impact Bitcoin, Thorn lowered his year-end price target for Bitcoin from $185,000 to $120,000.

At least two analysts are slightly more optimistic. Charlie Morris, Chief Investment Officer of ByteTree, stated that there's no need to be overly pessimistic about Bitcoin at the moment, and the $100,000 level could become a significant support level, as it has been tested multiple times. Geoffrey Kendrick of Standard Chartered Bank sees opportunities in the volatility and suggests a phased buy-on-dips strategy.