Alex Thorn, head of research at Galaxy Digital, has revised his year-end price target for Bitcoin to $120,000, down from $185,000. Thorn cited changing cyclical dynamics, including reduced interest in Bitcoin investments and a shift of funds to areas like gold, AI, and stablecoins, as reasons for the adjustment. He also noted the impact of whale distribution and treasury firm weaknesses on Bitcoin's outlook. Despite the lowered target, some analysts remain optimistic. Charlie Morris of ByteTree believes the $100,000 level could serve as a strong support, while Geoffrey Kendrick from Standard Chartered Bank suggests a phased buy-on-dips strategy to capitalize on market volatility.