In a recent conversation with Cointelegraph, Galaxy Digital’s head of research, Alex Thorn, shared insights into why Bitcoin stands at a crucial junction, potentially dictating its forthcoming path.
Thorn remarked, “I think the bull market is structurally intact, but it’s at risk,” pointing out the current market conditions as particularly fragile. He warned, “If you were to lose 100K now, I think it would create a lot of anxiety that could put that structural bull market in jeopardy.”
Despite a significant liquidation on October 10, Thorn maintains that the decline is not rooted in Bitcoin’s fundamentals, explaining: “Nothing about Bitcoin’s drop… has been fundamental about Bitcoin. It’s really trading like a macro asset.”
Looking ahead, he noted that while volatility may persist in the short term, the long-term outlook is buoyed by increasing institutional interest. Thorn stated, “We’re sort of entering this post-100K era where you’re not quite early. Now you have this staircase — the growing passive bid for Bitcoin.”
He also expressed skepticism regarding Bitcoin’s adherence to its traditional four-year cycle, saying, “I don’t believe that. It just looks different.”
To delve deeper, you can watch the full interview on Cointelegraph’s YouTube channel, where Thorn elaborates on the implications of breaking below $100K and other macroeconomic considerations that might influence Bitcoin’s trajectory.
Related: Bitcoin spikes to $112K on soft US CPI data as S&P 500 hits record high
