Bitcoin Bottom is Far From Over, Galaxy Digital Sees BTC Dip to $30,000

With the SpaceX IPO in focus, the crypto market is also making headlines, erasing some of its latest losses. Alongside the top altcoins, the price of Bitcoin (BTC) has also recorded strong gains and soared past the brief $64,000 mark for the first time this week.

However, despite the gain, a recent report from Galaxy Research has fueled speculations among traders. As per the report, BTC price has not yet bottomed, with Galaxy Digital’s Alex Thorn predicting a potential dip to as low as $30,000.

Bitcoin May Witness Further Correction

Amid the SpaceX IPO buzz, a recent report from Galaxy Digital’s Alex Thorn has dampened investors’ sentiment over a potential dip ahead for the BTC price. The study is based on Bitcoin’s historical cycles using on-chain and market data. It suggests the current downturn may continue in the near future.

Thorn explains that the traditional four-Bitcoin year cycle remains intact, though it is becoming more compressed. This shift is altering both the peak and bottom patterns.

Historically, BTC bottoms appear 12 to 13 months after a peak. The current cycle is only about eight months into its decline. The report highlights that previous drawdowns saw sharper declines at this stage.

While Bitcoin (BTC) has dropped over 50% so far, past cycles often reached nearly 68% losses before stabilizing. Besides, Thorn notes that only a fraction of key bottom indicators have triggered so far, while strong signals like widespread losses and investor capitulation remain absent.

BTC Price to $30K in Play

Based on current data, Galaxy Digital outlines three possible bottom scenarios. The base case places Bitcoin price between $40,000 and $46,000, while a milder downturn could keep prices near $51,000.

However, a more severe correction could drag BTC price down to the $30,000–$37,000 range. Thorn noted that these projections are based on historical data patterns, and external factors like regulations or macroeconomic shocks are not included.

In addition, he also warned that the floor is not fixed, and in a panic-driven sell-off, investors may sell at a loss. This could push the average cost basis lower and drag prices further down.

At the time of writing, BTC price traded at $63,800, after touching a daily high of $64,334. This also comes in tandem with a recovery of 1.4% in the overall crypto market cap, sending it to $2.18 trillion.