Galaxy Digital Says Bitcoin's Bottom Hasn't Bottomed Yet — Throws $30K Into the Ring 🥊

Bitcoin climbed back above the $64,000 mark this week, but Galaxy Digital's Alex Thorn is warning traders not to mistake a bounce for a base. In a new report from Galaxy Research, Thorn argues that BTC price has not yet bottomed and outlines a scenario in which the leading cryptocurrency could revisit as low as $30,000. The study draws on Bitcoin's historical cycles using on-chain and market data, and frames the current downturn as a continuation rather than a reversal. Thorn's analysis points to the traditional four-year Bitcoin cycle remaining intact, though he notes it is becoming more compressed, a shift that is reshaping both peak and bottom patterns across cycles. Galaxy's published chart suggests that BTC has historically bottomed 12 to 13 months after each halving, a window that, under Thorn's framework, leaves room for further correction before a durable low is established. The report lands while broader crypto markets are digesting fresh headlines tied to the SpaceX IPO, with $BTC and top altcoins posting sharp intraday moves that have done little to settle the underlying debate over where this cycle ultimately finds its floor. Should panic selling materialize, Galaxy's base case indicates that $BTC may witness further correction before any decisive bottom is confirmed.