Galaxy Digital’s Alex Thorn believes Bitcoin will regain investor hype. Despite recent dips and a lowered year-end target, he expects renewed attention to the cryptocurrency.
Optimism around Bitcoin was much stronger at the start of the year. The same hype level may be coming again soon. This is according to one head of research, Alex Thorn, at Galaxy Digital. As a result, Thorn has a long-term positive outlook.
“Attention will go back to Bitcoin, it always goes back to Bitcoin,” Thorn stated. He made these remarks when he was interviewed by CNBC on Friday. He highlighted the performance of Bitcoin in early this year.
“Bitcoin had been the hottest trade of the year at the beginning of the year,” he said. This was followed by the election of Donald Trump as US President. However, he added, “That’s just not true for the rest of the year.”
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On a recent episode of the CNBC Crypto World show, major cryptocurrencies closed slightly higher for the week. This broke away from equities as the Nasdaq moved lower. As a result, the stocks of AI had more losses.
Alex Thorn also explained his updated year-end price target for Bitcoin. He lowered it to $120,000 from $185,000. Specifically, this decrease represents a change in the dynamics of the market.
This is in contrast to some earlier comments from Galaxy CEO Mike Novogratz. Novogratz had earlier given indications of a potential for a rally. He also predicts a broader trading range.
According to CoinMarketCap, the price of Bitcoin has experienced a great deal of fluctuation. This happened during the last month. As a result of these recent market movements, Thorn’s revised prediction takes them into account.
Alex Thorn blamed his reduced 2025 year-end target on a number of factors. These include the distribution of whales and declining investor interest. He also observed that there was a shift of capital towards gold and AI.
This comes as the price of Bitcoin has been falling from an all-time high. It reached over $125,000 in October. Afterwards, it fell below the $100,000 mark for a time in early November. Despite the updated forecast, however, some analysts remain bullish on Bitcoin’s prospects in the long run. As of November 9, 2025, the current price of bitcoin is $101,894.90 USD. This is a 16.5% decrease from the past month.
The price dip is said to be due to heavy selling pressure and uncertainty. This gave rise to market-wide liquidations on November 5. In addition, BlackRock ETF outflows exert further pressure on the price.
In contrast to Thorn’s revised prediction, there are some analysts who remain bullish. They think that it is possible that Bitcoin can still take off by the end of 2025. This would be motivated by institutional investment.
Potential regulatory catalysts are also mentioned as drivers. One report notes that the recent movement of Bitcoin above its 50-day simple moving average in late October was a good sign for upward movement.
However, market sentiment grew more bearish in early November. This movement shows the volatility that exists in the crypto market. As such, investors are operating in a complex and uncertain environment.
The contradictory forecasts are based on different perceptions of market drivers. Some focus on the macroeconomic and shifts in the allocation of capital. On the other hand, others focus on institutional adoption and regulatory clarity.
Thorn’s revised outlook is a cautious one in the short term. Nevertheless, his underlying message is an optimistic one. He thinks that Bitcoin’s core appeal will eventually turn some heads.
In conclusion, Galaxy Digital’s Alex Thorn concedes to short-term headwinds for Bitcoin. He has made an adjustment in his year-end price target. However, his long-term demonstration of faith in the capacity of Bitcoin to take back the spotlight among investors is still up and running. Therefore, the market is being faced with a period of re-evaluation and potential catalysts.
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