Alex Thorn, who leads the research division at Galaxy Digital, has forecasted that Bitcoin could reach a value of $250,000 by the conclusion of 2027.
However, he also acknowledged the difficulty in predicting Bitcoin’s price movements for the year 2026.
Thorn pointed out that current options markets indicate an equal likelihood of Bitcoin either rising to $50,000 or soaring to $250,000 by this time next year.
“These broad price ranges illustrate the uncertainty surrounding short-term market conditions. As it stands now, the overall cryptocurrency market is entrenched in a bear phase and Bitcoin has struggled to regain its upward momentum,” Thorn remarked on social media.
The looming US midterm elections are expected to contribute further uncertainty to an already unclear macroeconomic landscape.
A Maturing Asset
The analyst highlighted that Bitcoin is evolving from being viewed as a speculative investment into a more established financial asset. “Throughout this year, we have observed a consistent decline in long-term BTC volatility,” he noted.
Just six months ago, call options were priced higher than put options as traders sought to capitalize on potential surges (“FOMO”), often paying extra for bullish calls.
Currently though, put options have become pricier than calls—a trend typical among traditional assets. This shift indicates that traders are now more focused on safeguarding their investments against downturns rather than anticipating significant rallies.
According to Thorn’s observations, Bitcoin is transitioning from “a pricing structure typically associated with emerging markets” towards one characteristic of established macroeconomic assets.
The analyst believes it is “quite plausible” for Bitcoin to follow gold’s trajectory and gain widespread acceptance as a hedge against currency devaluation within the next two years.