Galaxy's Alex Thorn Says Bitcoin's Bottom Is In, Pointing to 50-Week Moving Average Signal
Galaxy researcher calls the Bitcoin bottom
Galaxy, a crypto investment firm, has published a research note arguing that Bitcoin's price bottom is behind us. Alex Thorn, the firm's head of research, made the call in a video discussion of the note published by Bitcoin Magazine on October 30, 2026.
The note opens with a direct statement: "We believe the bottom is in." According to Bitcoin Magazine, Bitcoin was trading around $81,000 at the time, after a US Federal Reserve event.
This is an analysis and opinion from Galaxy, not a confirmed market outcome. No one can know with certainty where Bitcoin's price will go next.
The main points from Thorn's argument
- Bitcoin has regained its 50-week moving average after spending more than 20 weeks below it.
- Thorn says that in past cycles, this reclaim has never been followed by a new price low.
- He points to Bitcoin holding its ground around $80,000 as a sign of strength, even amid worries about AI-related stocks.
- He argues investor positioning is light, saying "the crowd is not here," which he believes makes a long Bitcoin position a contrarian view right now.
What the 50-week moving average signal means
A moving average is a line on a price chart that shows the average price over a set period. The 50-week moving average tracks roughly one year of weekly prices. Traders often watch it to judge whether an asset is in a longer-term uptrend or downtrend.
Thorn's argument is that when Bitcoin climbs back above this line after a long stretch below it, history has not shown a later drop to a new low. This is a pattern-based claim from Galaxy's research. It describes past behavior and does not guarantee future results.
Fund flows and market positioning
The discussion also touched on 13F filings, which are quarterly reports showing what large institutional investors hold. According to the video's outline, these filings show hedge funds reducing Bitcoin positions, while sovereign wealth funds and wealth managers have been adding.
Thorn also discussed tokenization, which is the practice of representing assets like stocks or bonds as digital tokens on a blockchain. He described a swinging narrative pendulum around the topic and mentioned the basis trade, a strategy that earns the difference between an asset's spot price and its futures price.
Broader themes: AI spending and US debt
Thorn connected the AI build-out to money creation, calling it a "debasement machine." He also discussed US government debt and what he called fiscal dominance, the idea that government borrowing needs drive monetary policy. In this framing, he presented Bitcoin as digital gold, an asset people may hold to protect against currency losing value.
These are Thorn's views and interpretations, presented in the Galaxy research note and video discussion. They are not independently confirmed facts.
Other topics covered in the discussion
The video also covered Strategy's daily dividends and an earnings call scheduled for that evening, along with Strive, another Bitcoin-related company. It ended with a segment on AI-driven cyber attacks, hardware wallets, and multisig, which is a wallet setup that requires multiple approvals to move funds.
Why this matters
Galaxy is a large, well-known crypto investment firm, so its research notes are watched by market participants. The call that the bottom is in, combined with data on institutional flows from 13F filings, gives readers a window into how a major firm reads current market conditions. Readers should treat the conclusion as one firm's analysis rather than a settled fact.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.