Bitcoin faces uncertain 2026 outlook, $250,000 by end of 2027: Galaxy Digital's Alex Thorn
Galaxy Digital's Alex Thorn cites macro uncertainty and options markets for a difficult 2026 forecast, despite a bullish long-term view.Summary
Alex Thorn, Galaxy Digital’s head of firmwide research, suggests 2026 will be highly unpredictable for Bitcoin due to macro uncertainty, political risk, and uneven market momentum, even as the firm maintains a long-term bullish stance. Options market data reflects this uncertainty, showing traders pricing in similar probabilities for outcomes near $70,000 or $130,000 by mid-2026, and near $50,000 or $250,000 by year-end.
Despite short-term volatility signals, Thorn notes structural maturity, evidenced by declining long-term volatility and more expensive downside protection in options, typical of mature assets. He argues that a potentially range-bound 2026 would not derail the long-term case, which is rooted in continued institutional adoption.
Galaxy Digital’s conviction rests on deeper institutional integration, such as Bitcoin being incorporated into standard model portfolios, which would ensure persistent flows regardless of market cycles. Based on expanding institutional access and demand for fiat alternatives, Galaxy predicts Bitcoin could reach $250,000 by the end of 2027.
(Source：CoinDesk)