Bitcoin’s bull market is intact, but key levels signal risk, says Galaxy Digital analyst

Bitcoin’s bull market is holding strong, but a slip under $100,000 could spell trouble, Galaxy Digital’s head of research Alex Thorn told Cointelegraph.

“I think the bull market is structurally intact, but it’s at risk,” Thorn said, noting that the market is at a “pivot point” where sentiment could shift quickly. “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 massive Oct. 10 liquidation, he insists that the pullback was not driven by Bitcoin’s fundamentals. “Nothing about Bitcoin’s drop… has been fundamental about Bitcoin,” he said. “It’s really trading like a macro asset.”

Thorn said that while short-term volatility remains, the long-term structure of the market is supported by growing institutional demand. “We’re sort of entering this post-100K era where you’re not quite early,” he said. “Now you have this staircase — the growing passive bid for Bitcoin.”

He also dismissed the idea that Bitcoin still follows its historic four-year cycle. “I don’t believe that. It just looks different,” he said. “We’re building a stronger base characterized by lower realized volatility, more institutional ownership, and slower passive accumulation.”

Watch the full interview on Cointelegraph’s YouTube channel to hear Alex Thorn discuss why a decline below $100K could test Bitcoin’s resilience, and what macro forces may decide its next move.

Related: Bitcoin spikes to $112K on soft US CPI data as S&P 500 hits record high