In the instructions given to clients by Alex Thorn, head of research at Galaxy Digital, he wrote: "Once some leverage is washed away and short-term buyers take profits, we believe that Bitcoin may find a strong support base and may attempt to break through the $100,000 level again in the short term."
Alex Thorn stated that adjustments are normal in a bull market and can often be very severe. Even between March and November this year, BTC experienced five declines of 15% or more. Now there are numerous positive catalysts for Bitcoin and cryptocurrencies. The market expects a series of positive signals in terms of regulation and policy. The relaxation of regulatory resistance, non-enforcement action letters or regulatory guidance could greatly expand US institutional investors' access to cryptocurrencies.