Coin Bureau, dẫn lời Alex Thorn: BTC sẽ xuống $40,000

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volume has already collapsed by nearly half, it doesn't just take a loss, it becomes the market. And every other treasury company, all 195 of them holding 1.24 million BTC between them, will feel it at once. So, if Strategy's MNAV stays meaningfully below 1x, the flywheel cannot restart, full stop. If that 6-and-a-bit month cash runway shrinks without fresh capital, forced selling to cover those STRC dividends becomes a lot more likely. In terms of price, $60,000 is widely cited as the existential line where capital markets effectively close for these firms. Galaxy's Alex Thorn even floats a panic scenario down at 40 to $46,000. Let's hope it doesn't come to that. There's also a factor that hasn't been discussed much recently, and that's index removal. If the likes of Strategy get kicked out of major benchmarks, then passive funds are forced to sell mechanically, regardless of Bitcoin's price. Needless to say, that wouldn't exactly help matters. But, of Of all it would take to blow these bearish scenarios out of the water would be for BTC to catch a bid again and the current situation would be quickly forgotten. Long term, as governments continue to borrow and continue to devalue their

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