Bitcoin’s bull market is holding robust, however a slip underneath $100,000 might spell bother, Galaxy Digital’s head of analysis Alex Thorn instructed Cointelegraph.
“I feel the bull market is structurally intact, nevertheless it’s in danger,” Thorn stated, noting that the market is at a “pivot level” the place sentiment might shift rapidly. “In case you had been to lose 100K now, I feel it will create numerous anxiousness that might put that structural bull market in jeopardy.”
Regardless of the large Oct. 10 liquidation, he insists that the pullback was not pushed by Bitcoin’s fundamentals. “Nothing about Bitcoin’s drop… has been elementary about Bitcoin,” he stated. “It’s actually buying and selling like a macro asset.”
Thorn stated that whereas short-term volatility stays, the long-term construction of the market is supported by rising institutional demand. “We’re type of getting into this post-100K period the place you’re not fairly early,” he stated. “Now you could have this staircase — the rising passive bid for Bitcoin.”
He additionally dismissed the concept Bitcoin nonetheless follows its historic four-year cycle. “I don’t imagine that. It simply seems to be completely different,” he stated. “We’re constructing a stronger base characterised by decrease realized volatility, extra institutional possession, and slower passive accumulation.”
Watch the total interview on Cointelegraph’s YouTube channel to listen to Alex Thorn talk about why a decline under $100K might take a look at Bitcoin’s resilience, and what macro forces might determine its subsequent transfer.
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