In an interview by Cointelegraph, Galaxy Digital’s head of research Alex Thorn elucidated Bitcoin’s critical condition amid its bullish trend.
Bitcoin’s bull market remains resilient, yet dropping below $100,000 could indicate significant danger. Thorn elaborated, “I believe the bull market is fundamentally sound, but it now faces potential hazards,” warning that any decline past the $100k barrier could induce widespread concern, jeopardizing this bullish phase.
Despite the substantial liquidations observed on October 10, Thorn asserted that these market movements are not fundamentally linked to Bitcoin but reflect macroeconomic trading behaviors.
He remarked on the presence of persistent short-term volatility; however, the market structure’s long-term foundation continues to strengthen due to increasing institutional interest. Thorn noted we’re transitioning into a post-$100k era, highlighting an escalating passive interest in Bitcoin.
Furthermore, he dismissed the notion that Bitcoin adheres to its traditional four-year cycle, stating, “I do not subscribe to that belief. It simply appears to be evolving. We are establishing a more robust base, defined by reduced volatility, greater institutional investment, and gradually increasing passive acquisition.”
For more insights, watch the complete interview on Cointelegraph’s YouTube channel, featuring Alex Thorn’s views on Bitcoin’s resilience and the macroeconomic forces that may shape its future trajectory.
Related: Bitcoin spikes to $112K on soft US CPI data as S&P 500 hits record high