Alex Thorn, Head of Firmwide Research at Galaxy Digital, believes Bitcoin has the potential to reach $250,000, though this milestone is unlikely to be achieved in the near term. According to Thorn, the flagship cryptocurrency could realistically hit this level by the end of 2027, rather than within the next year.
However, the analyst acknowledged that forecasting Bitcoin’s price movement in 2026 is particularly challenging. Data from the options market highlights the current uncertainty, showing that the odds of Bitcoin falling to $50,000 and surging to $250,000 by the end of next year are nearly equal.
“These wide ranges reflect significant near-term uncertainty. At the time of writing, the broader crypto market remains deep in a bear phase, and Bitcoin has yet to firmly re-establish bullish momentum,” Thorn said in a post on social media.
Beyond the unclear macroeconomic outlook, the upcoming U.S. midterm elections are also expected to add another layer of uncertainty, potentially increasing volatility across financial markets, including cryptocurrencies.
Bitcoin Is Gradually Maturing as a Financial Asset
According to Thorn, Bitcoin is undergoing a structural transition from a highly speculative asset to a more mature financial instrument. He noted that over the past year, long-term BTC volatility has declined, signaling a shift toward greater market stability.
This evolution is also evident in the options market. Six months ago, call options were significantly more expensive than puts, reflecting intense FOMO as traders paid a premium to capture potential upside rallies. Today, the situation has reversed, with put options now priced higher than calls, a pattern more commonly seen in traditional financial assets.
This shift suggests that investors are increasingly focused on protecting capital against downside risks, rather than chasing aggressive upside gains. As Thorn explained, Bitcoin is moving away from “the skew typically seen in developing, growth-oriented markets” toward behavior more consistent with traditional macro assets.
Notably, the analyst believes it is very possible that Bitcoin follows gold’s path, becoming widely adopted as a hedge against monetary debasement and inflation within the next two years.
