Alex Thorne, Head of Corporate Research at Galaxy Digital, said: predicted Bitcoin will eventually reach $250,000 by the end of 2027.
At the same time, the renowned researcher admitted that it is too difficult to predict the price trends of major cryptocurrencies in 2026.
In fact, as Thorne pointed out, according to the options market, Bitcoin currently has an equal chance of reaching $50,000 and $250,000 by the end of next year.
“These wide ranges reflect near-term uncertainty. At the time of writing, the broader cryptocurrencies are already in a bear market, and Bitcoin has not been able to firmly reestablish bullish momentum,” Thorne said in a social media post.
Apart from the ambiguous macro situation, the upcoming US midterm elections will also bring uncertainty.
maturing assets
The analyst also noted that Bitcoin is transitioning from a speculative asset to a mature financial asset. “Throughout the year, we have seen a structural decline in the level of long-term Bitcoin volatility,” he said.
Six months ago, calls were more expensive than puts. Traders were desperate to capture massive bullish market momentum (“FOMO”), so they paid a premium for upside calls.
But puts are now more expensive than calls, which is normal for traditional assets. Traders are now more worried about protecting their assets from a crash than getting excited about the rally.
Bitcoin is currently transitioning from “the bias you would normally see in a developing growth market” to the bias you would see in a more traditional macro asset, Thorne said.
The analyst argues that it is “very likely” that Bitcoin, following gold, will be widely adopted as a hedge against financial declines within the next two years.
