Galaxy Research Director: Bitcoin will rise to $250,000 by the end of 2027.

On December 21, Alex Thorn, head of research at Galaxy Digital, stated, "Bitcoin will reach $250,000 by the end of 2027. The trend in 2026 is too chaotic to predict, but it is still possible for Bitcoin to reach a new all-time high in 2026. Currently, pricing in the options market shows that by the end of June 2026, the probability of Bitcoin falling to $70,000 or rising to $130,000 is almost equal; and by the end of 2026, the probabilities of falling to $50,000 or rising to $250,000 are similarly close. Such a wide price range reflects the market's high uncertainty about the short to medium-term outlook. At the time of writing, the overall crypto market is deep in a Bear Market, and Bitcoin has yet to establish clear bullish momentum again. Until BTC firmly stands in the range of $100,000 to $105,000, there is still short-term downside risk. Additionally, macro-level uncertainties are increasing, including the pace of AI capital expenditure deployment, the monetary policy environment, and the U.S. midterm elections in November. From the perspective of annual performance, Bitcoin's long-term volatility has structurally decreased, partly due to larger-scale covered calls and the introduction of Bitcoin yield generation strategies. It is worth noting that in the current BTC volatility smile curve, the pricing of put options in terms of volatility has surpassed that of call options, which was not the case six months ago. This trend of “maturation” may continue. Whether Bitcoin continues to fall and approaches the 200-week moving average, the maturity of its asset class and the degree of institutional adoption are continuously increasing. 2026 may be a relatively dull year for Bitcoin; regardless of whether it ultimately closes at $70,000 or $150,000, our bullish judgment on its long-term prospects will only become more firm. The continuous expansion of institutional access is resonating with the gradually easing monetary policy and the urgent demand for non-dollar hedging assets. In the next two years, Bitcoin is very likely to be widely accepted as an asset for hedging against currency depreciation, similar to gold.