Bitcoin’s bull market is proving to be resilient, but a drop below $100,000 may introduce uncertainties, cautioned Alex Thorn, Galaxy Digital’s head of research, in an interview with Cointelegraph.

“I think the bull market is structurally intact, but it’s at risk,” Thorn remarked, highlighting that the market stands at a critical juncture where emotions may shift swiftly. “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 the notable liquidation on October 10, Thorn insists Bitcoin’s fundamentals remain intact. “Nothing about Bitcoin’s drop… has been fundamental about Bitcoin,” he stated, asserting the asset is now trading more like a macroeconomic entity.

He explained that while immediate market fluctuations are evident, the long-term dynamics are fundamentally underpinned by rising institutional interest. “We’re sort of entering this post-$100K era where you’re not quite early,” he added, noting a growing demand for Bitcoin.

Thorn also refuted the notion that Bitcoin strictly adheres to its historical four-year cycle. “I don’t believe that. It just looks different,” he asserted, stating that the market is developing a solid foundation marked by reduced volatility, increased institutional ownership, and a gradual accumulation.

Watch the full interview on Cointelegraph’s YouTube channel to learn why a fall below $100K could test Bitcoin’s durability, alongside an analysis of the macroeconomic factors at play.

Related: Bitcoin spikes to $112K following soft US CPI data while S&P 500 hits historic highs