Galaxy research executive Alex Thorn has argued that Bitcoin’s market bottom is likely in, citing the cryptocurrency’s recovery above its 50-week moving average and its ability to hold near $80,000.
The signal behind the call
According to Bitcoin Magazine, Thorn’s conclusion comes from a Galaxy research note that opens with the view that “the bottom is in.” The key technical indicator he highlights is Bitcoin’s 50-week moving average, a measure that tracks the asset’s average price over roughly one year.
Thorn said Bitcoin had spent more than 20 weeks below that average before reclaiming it. In the historical pattern he cited, such a recovery had not been followed by a new low. That observation forms the central argument behind his assessment, although it remains a view about market history rather than a guarantee of future price action.
Bitcoin’s ability to remain resilient around $80,000 is another part of the case. The source material describes this resilience as significant amid concerns linked to artificial-intelligence investment and the broader market debate around that sector. Thorn also characterizes a bullish Bitcoin position as contrarian at present, arguing that the crowd is not heavily positioned in the trade.
Positioning, institutions and competing narratives
The discussion points to what Thorn describes as relatively light positioning. It also refers to 13F filings, which disclose certain U.S. institutional holdings, and contrasts reduced hedge-fund participation with continued involvement from sovereign entities and wealth managers. The material does not provide a detailed breakdown of those holdings or quantify the shift.
The research note and accompanying discussion also cover tokenization, changing market narratives and the basis trade. Tokenization generally refers to representing assets or claims on a blockchain, while a basis trade seeks to exploit a price difference between related instruments. These topics are presented as part of a broader debate over where market attention and capital are moving.
Other subjects raised include Strategy’s daily dividends, Strive, and an earnings call, but the source material does not give figures or conclusions from those items. Thorn also links the expansion of artificial-intelligence infrastructure to concerns about monetary debasement, U.S. debt and fiscal dominance, and presents Bitcoin as a form of digital gold. The discussion further mentions AI-related cyberattacks, hardware wallets and multisig arrangements as security considerations.
Current Bitcoin market picture
Moneyiar market data recorded Bitcoin at $77,777.802516415 at 12:58 p.m. on November 1, 2026, Tehran time. The cryptocurrency was up 0.47% over 24 hours but down 3.2% over seven days.
The data also showed Gala at $0.0017138452, down 0.61% in 24 hours and 0.72% over seven days; Ailey at $0.265915751, up 0.08% over 24 hours and down 0.2% over seven days; and RedStone at $0.135442269, up 2.3% over 24 hours and down 5.21% over seven days. Gala, Ailey and RedStone figures were recorded between 12:58 p.m. and 12:59 p.m. Tehran time.
Thorn’s view therefore rests on a combination of a historical moving-average signal, price stability near $80,000 and the claim that investor positioning remains light. The available material presents those points as the basis for the call, not as certainty about Bitcoin’s next move.
