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Bitcoin’s bull market is intact, but at risk, says Galaxy Digital analyst

In an interview with Cointelegraph, Alex Thorn, the head of research at Galaxy Digital, discussed the current state of Bitcoin's bull market. He stated that while the market remains fundamentally strong, it is at a critical juncture. According to Thorn, falling below $100,000 could induce significant market anxiety, jeopardizing the bull market's structure. He emphasized that recent volatility does not stem from Bitcoin's underlying fundamentals but rather from macroeconomic influences. Thorn acknowledged that despite short-term fluctuations, long-term optimism is bolstered by increasing institutional demand. He described the market as entering a 'post-100K era' characterized by steady upward accumulation and institutional ownership. He also refuted the notion that Bitcoin adheres to its traditional four-year cycles, asserting that the current phase looks distinct, marked by reduced volatility and an expanding institutional presence. Thorn's analysis suggests that future market movements will be dictated by broader economic factors, and a drop below significant price levels could test Bitcoin's resilience.

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