Alex Thorn, head of research at Galaxy Digital, believes Bitcoin passed its bottom in June and is entering an accumulation phase before a renewed rally.

Basis for the outlook

The assessment relies on several market indicators that, in Thorn's view, point to improving technical and institutional conditions for BTC.

• 50-week moving average: BTC has closed above the 50-week moving average for five consecutive weeks after forty-four weeks below that level.
• Spot ETF inflows: Since the June low, U.S. spot ETFs increased holdings by 87,000 BTC, approximately $7 billion in notional value.
• Positioning shifts: Large speculative funds reportedly reduced their positions by more than half, while long-term holders largely retained their coins.

Thorn interprets these developments as a transfer of supply from shorter-term traders to longer-term investors and institutional vehicles, which could support price stability and future upside.

Forecast and revision condition

On the basis of current flows and technical signs, Thorn allows for a return of BTC to $125,000 and potentially higher price levels if the accumulation continues as observed.

He sets a clear revision threshold: if Bitcoin closes a week below $76,540 and fails to recover above that level within one month, the forecast must be reassessed.

This conditional view ties the bullish scenario to both sustained institutional demand and the preservation of recent technical support, according to Thorn's statement.