The Renewed Hype Around Bitcoin: Insights from Alex Thorn of Galaxy Digital
A Shifting Perspective on Bitcoin’s Future
As Bitcoin continues to navigate a turbulent market landscape, Alex Thorn, head of research at Galaxy Digital, expresses a significant insight: he believes Bitcoin is poised to regain investor attention. Despite recent dips in value and a lowered year-end target, Thorn maintains an optimistic long-term outlook for the cryptocurrency, emphasizing that its appeal is likely to resurface.
Market Dynamics at Play
Thorn’s comments about Bitcoin’s shifting fortunes came during a recent interview with CNBC. “Attention will go back to Bitcoin; it always goes back to Bitcoin,” he stated, emphasizing the cryptocurrency’s historical resilience and its recurring status as a focal point for investors. At the beginning of 2025, Bitcoin had emerged as the standout trade in the crypto market, yet it hasn’t managed to sustain that momentum throughout the year.
The backdrop for this shift includes fluctuating market conditions and a variety of external factors that have influenced investor sentiment. While Thorn noted Bitcoin’s explosive performance earlier in the year, he acknowledged a lack of similar enthusiasm as the months progressed.
Adjusted Expectations: Price Target Changes
In light of recent market developments, Thorn revised his year-end price target for Bitcoin from $185,000 to a more conservative $120,000. This revision takes into account significant factors affecting the market. He specifically pointed out the distribution of wealth among "whales," or large Bitcoin holders, and a noticeable decline in general investor interest. Additionally, there has been a shift in capital allocation towards other assets like gold and AI technologies.
This forecast contrasts with earlier expectations from Galaxy Digital’s CEO, Mike Novogratz, who had indicated the possibility of a more bullish rally in Bitcoin’s price.
The Current State of Bitcoin
As of November 9, 2025, Bitcoin’s price reflects the volatility of the market, hovering around $101,895—a notable decrease of 16.5% over the past month. The cryptocurrency experienced heightened selling pressure, particularly on November 5, which coincided with market-wide liquidations. Factors such as the outflows from BlackRock ETFs have further contributed to Bitcoin’s price struggles.
Despite these headwinds, some analysts remain optimistic. They suggest that institutional investment may resurface, potentially allowing Bitcoin to recover and even surpass its previous highs, fueled by renewed confidence and interest from significant market players.
Diverging Opinions: Bearish vs. Bullish Outlooks
The crypto landscape is rife with contradictions as analysts diverge on their forecasts. While Thorn projects a cautious outlook, other market observers continue to advocate for Bitcoin’s long-term potential. Some highlight the influence of institutional adoption and potential regulatory clarifications as key catalysts for future price movements.
In late October, Bitcoin’s brief surge above its 50-day simple moving average was interpreted by some as a positive signal, indicating that there might still be room for upward movement in the coming months.
Navigating Market Sentiment
As we step into November, market sentiment appears more bearish, illustrating the ongoing volatility within the cryptocurrency sphere. Investors find themselves in a complex environment, shaped by various macroeconomic factors while staying alert to shifts in capital allocation and emerging technologies.
Thorn’s outlook embodies a cautious but ultimately optimistic stance. While he acknowledges the short-term challenges facing Bitcoin, he believes the cryptocurrency will reignite interest among investors as its core appeal shines through.
While sentiment may fluctuate and predictions clash, the overarching narrative is one of resilience—a formidable characteristic that has historically defined Bitcoin in the ever-evolving world of finance.
In the meantime, the market faces a crucial period of re-evaluation as investors weigh the potential for future catalysts that could shape Bitcoin’s path moving forward.
