Alex Thorn, head of research at Galaxy Digital, has indicated that Bitcoin's recent weak performance could lead to a decline towards the 200-week moving average, approximately $58,000, in the coming weeks or months. Bitcoin has already retraced about 38% from its peak on October 6, 2025, and a recent sharp drop resulted in over $2 billion in long liquidations. Currently, 46% of Bitcoin's supply is at a loss, with a notable supply gap between $70,000 and $80,000. The cryptocurrency's inability to serve as a "depreciation hedge" alongside traditional assets like gold and silver has impacted its narrative. Historical trends suggest that the 200-week moving average and the realized price, around $56,000, often present favorable entry points for long-term investors.