CoinDesk Podcast Network The Blockspace Podcast: $120K Bitcoin Call, Stablecoins, and 2026 BTC Market
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Nov 12, 2025 
Alex Thorn, Head of Research at Galaxy Digital, shares insights on Bitcoin's price target revision from $185K to $120K, citing competition from gold and an October leverage wipeout. He discusses Bitcoin's maturation into a lower-volatility asset and its evolving market dynamics. The conversation also delves into the rise of stablecoins, their regulatory challenges, and how they can reinforce the dollar system. Thorn highlights the stalled momentum in Bitcoin development, emphasizing ongoing interest in innovative on-chain applications.
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Why Galaxy Cut The $185K Call
- Galaxy revised its BTC year-end target from $185K to $120K due to the October 10 leverage wipeout and competing narratives.
- Gold, AI investment, and stablecoins diverted capital, reducing Bitcoin's narrative primacy this year.
Watch For Big Institutional Catalysts
- Large headlines like nation-state reserves or giant pension allocations could restore Bitcoin's narrative leadership.
- Watch for official actions (e.g., Treasury SBR details) that can create step-change demand.
Bitcoin Entering A Maturity Phase
- Bitcoin is transitioning toward lower volatility as it matures and attracts passive ETF bids and wealth advisors.
- That maturity makes huge multipliers rarer and supports larger institutional allocations over time.