The crypto market continues to navigate in choppy conditions, following the devastating crash on October 10th that was arguably one of the most severe and rapid liquidation events. The flash crash triggered massive liquidation volumes across the market, which led to cascading liquidations within hours that swept through leveraged positions.
The fallout from these liquidations has contributed to broader market weakness, with many assets struggling to regain momentum. As a result of the market chaos, Bitcoin’s year-end target has been revised downward.
Bitcoin Target Slashed
Galaxy Research highlighted in a recent tweet that 72 of the top 100 crypto assets by market capitalization are currently trading at least 50% below their previous all-time highs. Macro factors have compounded these market challenges. According to the platform, this year has been characterized by significant whale distribution, rotation into competing narratives such as AI, gold, and stablecoins, and underperformance among BTC-focused treasury companies.
Hence, Galaxy Research stated that it has now revised its 2025 year-end target for Bitcoin from $185,000 to $120,000. However, it explained that Bitcoin has entered a new phase and added that the asset is in its ‘maturity era’ – in which institutional absorption, passive flows, and lower volatility dominate.
As such, if Bitcoin can maintain the ~$100,000 level, Galaxy Research said that the almost three-year bull market will remain structurally intact even though the pace of future gains may be slower.
“Still, we think nearing prior all-time highs before year-end is a reasonable target for short-term bulls.”
Base-Building Phase Underway
Coinbase Institutional views October’s crypto sell-off as a potential market reset instead of a cycle top. In its recent insights, the platform said that excess leverage has been cleared, fundamentals remain solid, and institutional investors are gradually returning.
It also found that smart capital is targeting EVM chains, real-world assets (RWAs), and yield protocols, which reflects selective re-risking rather than a retreat. Although liquidity gaps persist and macro uncertainty continues, structural demand is strengthening. The firm sees this as a “base-building” phase that could set the foundation for the next upward move in the crypto market.
Adding perspective on investor behavior, Galaxy CEO Mike Novogratz attributed the slowdown to long-term holders rebalancing their portfolios after an extended bull run. He noted that while the diversification of large, concentrated positions may temporarily weigh on prices, it is healthy for the medium and long term.
Novogratz also suggested that cycle highs have likely not yet been reached. Looking ahead, he expects a new Federal Reserve chair by year-end to take a more dovish approach, which could provide the narrative needed to support the next much-anticipated upward leg in crypto prices.