Galaxy Digital: Bitcoin bull market has staying power, may try to break through $100,000 again in the short term

"Once some leverage is washed away and short-term buyers take profits, we believe Bitcoin may find a strong support base and may try to break through the $100,000 level again in the short term," wrote Alex Thorn, head of research at Galaxy Digital, in a note to clients. Alex Thorn said that adjustments in bull markets are normal and often very severe. Even between March and November of this year, BTC experienced 5 declines of 15% or more, and now there are many positive catalysts for Bitcoin and cryptocurrencies. The market expects a series of positive signals in regulation and policy. The relaxation of regulatory resistance, no enforcement action letters or regulatory guidance may greatly expand the access to cryptocurrencies for US institutional investors.