As Bitcoin hovers near its all-time high, industry experts and investors are keenly watching for signs of its next major move. Alex Thorn, the Head of Research at Galaxy, recently shared his perspective on the Bitcoin price trajectory and the factors influencing its potential breakout. In a detailed post on X (formerly Twitter), Thorn provided insights grounded in historical data and current market dynamics.
“We Will Climb the Wall of Worry,” Thorn proclaimed, setting the tone for his analysis. Bitcoin’s recent price action saw it reaching $69,324 on Coinbase on Tuesday, marking its first all-time high since November 10, 2021. This milestone came after an 846-day period of anticipation and speculation, only for the price to retract 14.3% to an intraday low of $59,224. This volatility, exacerbated by $400 million in long liquidations within an hour, underscores the cryptocurrency’s unpredictable nature.
Despite the pullback, Bitcoin recovered, trading back at $67,00
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