Galaxy Digital Research Director Alex Thorn wrote in a note to clients: "Once some leverage is washed out and short-term buyers take profits, we believe Bitcoin may find a strong support base and could attempt to break the $100,000 level again in the near term." Alex Thorn indicated that adjustments during a bull market are normal and often quite severe. Even during the period from March to November this year, BTC experienced five declines of 15% or more, while now there are plenty of positive catalysts for Bitcoin and cryptocurrencies, with the market expecting a series of positive signals on the regulatory and policy front. The easing of regulatory resistance, the absence of enforcement action letters, or regulatory guidance could significantly expand U.S. institutional investors' access to cryptocurrencies.