Bitcoin To Hit New All-Time High 'Within Weeks,' Says Galaxy Research: 'This Time It's Different'

Bitcoin BTC/USD is on track to reach a new all-time high within a matter of weeks, according to Alex Thorn, Head of Firmwide Research at Galaxy Digital.

What Happened: Thorn believes the recent surge in Bitcoin's price is just the beginning of a major bull run, fueled by several key factors.

Galaxy attributes the recent spike in Bitcoin's price to the influx of institutional investments, with Bitcoin ETFs recording a net $576 million of BTC. This marked BlackRock's BLK largest-ever day of inflows.

Moreover, notable figures like Michael Saylor continue to bolster their Bitcoin holdings, while platforms like Reddit explore adding cryptocurrencies to their balance sheets.

This wave of new demand collides with Bitcoin's inherent scarcity and the unwavering conviction of its long-term holders.

Thorn offers a compelling argument against the notion that a shorter cycle may be playing out.

"This time is different," he asserts, highlighting the transformative impact of Bitcoin ETFs in the United States.

He points to several key indicators that suggest Bitcoin is far from reaching its peak.

The steadfastness of long-term holders, the strategic positioning of futures open interest, and the subdued leverage across exchanges all paint a picture of a market that is maturing, rather than overheating.

Also Read: $6.26M And Rising: Inside Donald Trump's Surging Crypto Portfolio

Why It Matters: These ETFs are not just another investment vehicle; they represent a seismic shift in how Bitcoin's price cycles, holder behavior and intra-crypto dynamics are assessed.

With the Bitcoin ETFs adding assets at an unprecedented rate and the wealth management sector slowly opening its doors to digital assets, the stage is set for a sustained period of growth.

"Given the flows we are seeing, both in the ETF complex and through our desk, I think it’s reasonable to see a new all-time high within a matter of weeks," Thorn predicts.

He envisions Bitcoin being discussed alongside traditional safe-haven assets like gold and treasuries, marking its arrival on the prime-time stage of financial assets.

Price Action: At the time of writing, Bitcoin was trading at $61,429, up 1.5% over the past 24 hours, according to Benzinga Pro.

Read Next: Bitcoin Bear Peter Schiff Gets Roasted: 'At What Point Do You Admit You've Been Wrong?'

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