Key Takeaways
- • Galaxy Asset Management's head of firmwide research, Alex Thorn, says "We believe the bottom is in" for Bitcoin, per Bitcoin Magazine.
- • Bitcoin closed back above its 50-week moving average the week of September 20 and has held that level since, according to Galaxy.
- • Galaxy notes that the four prior reclaims of the 50-week moving average after 20-plus weeks below never closed more than 8.4% under the reclaim level in the following year.
- • The call rests on the 50-week moving average as the key technical reference point for Bitcoin's downside risk.
Summary
Galaxy Asset Management's head of firmwide research, Alex Thorn, has said that "the bottom is in" for Bitcoin, according to a Bitcoin Magazine video segment. Thorn framed the view around a technical signal: Bitcoin's reclaim of its 50-week moving average, which the asset has held since closing back above that level in the week of September 20.
According to Galaxy's analysis, the reclaim is significant because of past behavior around the same level. After four prior instances in which Bitcoin spent more than 20 weeks below its 50-week moving average and then reclaimed it, the price did not close more than 8.4% below the reclaim level at any point in the following year. Thorn's argument is that this historical pattern limits the potential downside once the level is regained.
The segment is presented as a market view rather than a formal recommendation. The source's disclaimer states that the views expressed are those of the participants and do not necessarily reflect the position of Bitcoin Magazine or its affiliates. The available material does not include further detail on Galaxy's fund positioning, price targets, or the size of the historical sample beyond the four cases cited.
According to Galaxy's analysis, the reclaim is significant because of past behavior around the same level. After four prior instances in which Bitcoin spent more than 20 weeks below its 50-week moving average and then reclaimed it, the price did not close more than 8.4% below the reclaim level at any point in the following year. Thorn's argument is that this historical pattern limits the potential downside once the level is regained.
The segment is presented as a market view rather than a formal recommendation. The source's disclaimer states that the views expressed are those of the participants and do not necessarily reflect the position of Bitcoin Magazine or its affiliates. The available material does not include further detail on Galaxy's fund positioning, price targets, or the size of the historical sample beyond the four cases cited.
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