Galaxy Research’s Alex Thorn Sees 50% Drawdown Risk With Bitcoin Eyeing $63,000 After 2025 Peak

Galaxy Digital’s Head of Research Alex Thorn warns that Bitcoin’s lack of strong onchain ownership between $70,000 and $80,000 leaves price vulnerable to a deeper slide from its October 6, 2025 all-time high of $126,298. He argues that historic drawdowns from record levels often extend to 50%, implying potential downside toward $63,000 and possible tests of key support levels near the 200-week moving average and realized price.