Galaxy "Bitcoin must exceed $93,389 to finish the year with a positive return"

An analysis found that Bitcoin's year-to-date return would need the year-end closing price to exceed $93,389 in order to finish the year in positive territory.

Alex Thorn, director of Galaxy Research, said on X on the 26th (local time), "For Bitcoin to close the year with a positive performance, it must trade above $93,389 on the last trading day of the year."

However, Thorn noted, "Considering the stream of positive catalysts this year becoming commonplace, some portfolio managers may reassess Bitcoin in January next year."

In fact, the U.S. bitcoin exchange-traded product (ETP) market has maintained a stable trend despite price declines. Cumulative inflows reached a record $62 billion last October, and despite the recent bear market the decline was limited to 9%. Thorn analyzed, "The relatively small outflows compared to price volatility indicate that Bitcoin is maturing as an asset class."

The long-term outlook is also optimistic. Galaxy assessed that it is only a matter of time before Bitcoin follows gold's path as a hedge against currency depreciation. Thorn said, "Several large asset managers and central banks could trigger a trend of Bitcoin purchases," and forecast that institutional and national-level adoption will be a key driver of Bitcoin's revaluation going forward.