Unchained · Friday, October 30, 2026
Alex Thorne, head of firmwide research at Galaxy, discussed his recent essay arguing that Bitcoin reached its bear market bottom in late June. He stated that his thesis relies on technicals like the 50-week and 200-week moving averages, market positioning, and sentiment.
“you wrote a fantastic essay this week titled, Why Now is the Time to Add and Hold BTC. in which you say you believe that Bitcoin bottomed in late June.”
“there's four main points to this argument. There's technicals, which is mostly cyclical. There's fundamentals. and which is really about the the digital gold thesis uh and then there's positioning which is about who owns bitcoin now and and what the trend looks like. And then there's sentiment.”