Forget the panic; this is all part of the plan. According to Alex Thorn, Head of Research at Galaxy Digital, Bitcoin is currently entering a much more ” Bitcoin mature era ,” a phase that is incredibly healthy for the long-term ecosystem.
Bitcoin’s “Mature Era” is Here: Why This Quiet Phase is Bullish
While investor attention has been hijacked by shiny objects like AI and gold this year, Thorn confidently states, “Attention will come back to Bitcoin, it always does.” This period of consolidation and distribution, where coins move from old hands to new, is building a stronger, more decentralized foundation for the next explosive leg up.
The Great Distraction: Where Did the Hype Go?
So, why the quiet period? Thorn points out that 2025 offered a buffet of lucrative trades beyond crypto. Investors flocked to AI stocks, nuclear energy, quantum computing, and even gold, which saw a massive rally. “There were a lot of other places to get gains this year that impeded the allocation to Bitcoin,” he explained. This isn’t a failure of Bitcoin’s thesis; it’s a simple case of capital rotation. However, this dynamic is already shifting. JPMorgan recently noted that Bitcoin is becoming more attractive than gold on a risk-adjusted basis, with the BTC-to-gold volatility ratio falling to a multi-year low of 1.8.
A Realistic Price Target in a Maturing Market
Reflecting this more measured phase, Galaxy Digital has revised its year-end Bitcoin mature era price target down to $120,000 from a previous $185,000. While this is a reduction, it still represents a solid 17% upside from current levels around $102,000. This target acknowledges the short-term headwinds while reaffirming strong conviction in Bitcoin’s medium-term trajectory. It’s a realistic forecast for a market that is growing up, moving away from pure speculation and towards value-based investment.
The Quantum Computing Wild Card
One fascinating side debate Thorn touched on is quantum computing. The industry is divided on its imminent threat. Some, like Borderless Capital’s Amit Mehra, believe it’s years away from being a real danger. Others, like Capriole’s Charles Edwards, urge immediate action to future-proof the network. While not an immediate concern, this ongoing dialogue highlights the forward-thinking nature of the Bitcoin ecosystem—it’s constantly evolving to meet future challenges.
My Thoughts
Thorn is spot on. This “boring” phase is where real bull markets are built. The distribution from weak hands to strong, diamond-handed conviction holders is what creates an unshakable foundation. The $120,000 target is conservative and achievable. When the crowd finally realizes that the AI and gold trades are overextended, their attention—and capital—will come flooding back into a Bitcoin market that is structurally stronger than ever.
