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

Bitcoin’s bull marketplace is holding strong, but a gaffe nether $100,000 could spell trouble, Galaxy Digital’s caput of probe Alex Thorn told Cointelegraph.

“I deliberation the bull marketplace is structurally intact, but it’s astatine risk,” Thorn said, noting that the marketplace is astatine a “pivot point” wherever sentiment could displacement quickly. “If you were to suffer 100K now, I deliberation it would make a batch of anxiousness that could enactment that structural bull marketplace successful jeopardy.”

Despite the monolithic Oct. 10 liquidation, helium insists that the pullback was not driven by Bitcoin’s fundamentals. “Nothing astir Bitcoin’s drop… has been cardinal astir Bitcoin,” helium said. “It’s truly trading similar a macro asset.”

Thorn said that portion short-term volatility remains, the semipermanent operation of the marketplace is supported by increasing organization demand. “We’re benignant of entering this post-100K epoch wherever you’re not rather early,” helium said. “Now you person this staircase — the increasing passive bid for Bitcoin.”

He besides dismissed the thought that Bitcoin inactive follows its historical four-year cycle. “I don’t judge that. It conscionable looks different,” helium said. “We’re gathering a stronger basal characterized by little realized volatility, much organization ownership, and slower passive accumulation.”