Bitcoin▲ Bullish

Galaxy's Alex Thorn Says Bitcoin Has Bottomed, Citing 50-Week Average

TradingGain Newsroom·1h ago·30 Oct 2026, 13:22 UTC

Galaxy analyst Alex Thorn believes Bitcoin has hit its bottom. He points to price moving back above its 50-week moving average and steady strength near $80,000. He also says being long is now a contrarian view, which may matter for traders weighing their next move.

BTCAt the time of writing, Bitcoin traded at $77,208 (-3.77% in 24h).Live price →

Why it matters

Thorn cites bitcoin reclaiming its 50-week moving average as a key bullish signal.
Price holding up around $80,000 is presented as evidence of resilience.
Thorn argues that taking long positions now goes against prevailing sentiment.

What to watch next

Watch whether bitcoin can hold above its 50-week moving average and the $80,000 level.

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This brief is written by TradingGain from public reporting by Bitcoin Magazine.Read original ↗

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TradingGain News summarises public reports in our own words and always links to the original source. Market Data stories are generated automatically from public exchange data. Nothing on this page is financial advice; always do your own research and use a stop-loss.