$120K Bitcoin Call, Stablecoins, and 2026 BTC Market w/ Galaxy Research Alex Thorn

Alex Thorn, Head of Research at Galaxy Digital, joins us to talk about why Galaxy revised their Bitcoin end-of-year target from $185K to $120K, the competitive headwinds from gold (up 57% vs Bitcoin's 12%), AI investments, and stablecoins, the October 10th leverage wipeout, Bitcoin's maturation into a lower-volatility asset, whale distribution patterns, the stalled momentum of ordinals and runes, Bitcoin Layer 2 developments, and the ongoing arbitrary data filters debate affecting projects like Citrea and Botanix.

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Notes:

• Galaxy revised BTC target: $185K down to $120K

• Gold outperformed Bitcoin: 57% vs 12% YTD

• October 10th leverage wipeout major catalyst

• Bitcoin Season 2 momentum has stalled out

• Stablecoins creating major market competition

• Layer 2s like Citrea, Botanix still early stage

Timestamps:

00:00 Start

00:49 Gov shutdown? Oh no!!!

03:03 Revising EOY price prediction

07:55 Next price catalyst?

10:50 Longer term price predictions

14:01 Crashing to $100k

16:34 Stablecoins

22:38 Tether & competition

30:11 Backing

33:58 Did we lose the plot?

37:37 Enthusiasm for BTC development

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