4th February 2026 – (New York) A leading cryptocurrency analyst has issued a stark warning that Bitcoin could be heading for a significant drop towards $63,000. Alex Thorn, Head of Research at Galaxy Digital, stated the digital asset may fall a further 19% from current levels due to a critical weakness in its price structure.
The analysis points to a concerning gap in onchain ownership data between $70,000 and $80,000, suggesting a lack of meaningful demand in that range. According to the report, this creates an “ownership vacuum” that could accelerate selling pressure, potentially causing the price to drift down to test the $70,000 level before falling further.
Thorn’s report highlights historical patterns, noting that with the exception of 2017, every 40% drawdown from an all-time high has extended to at least 50% within three months. A 50% decline from Bitcoin’s October 2025 high of approximately $126,000 would place it near the $63,000 mark.
The report also identifies two other critical support zones to watch: the 200-week moving average at $58,000 and the realised price — the average cost basis of all coins — at around $56,000. Thorn noted that Bitcoin has historically found a bottom near or below the realised price before rallying in past cycles.
The warning comes as Bitcoin continues to underperform traditional safe-haven assets like gold, losing ground amid broader macroeconomic uncertainty. Despite the bleak near-term outlook, Galaxy Research suggests that a fall towards these lower support levels could present a strong long-term buying opportunity for investors.
