Bitcoin bull run intact, but key levels signal risk

Bitcoin’s bull case remains strong, but a drop below $100,000 could spell trouble.

“I think the bull market is structurally intact, but there are risks,” Thorne said, noting that the market is at a “turning point” where sentiment could shift rapidly. “If you lose $100,000 right now, I think that would cause a huge amount of anxiety, which could jeopardize the structural bull market.”

Despite the massive liquidations on October 10th, he insisted that the pullback was not driven by Bitcoin’s fundamentals. “The decline in Bitcoin… has nothing to do with Bitcoin’s fundamentals,” he said. “It’s actually trading like a macro asset.”

While short-term volatility remains, the market’s long-term structure is supported by growing institutional demand. “We’re entering the post-100,000 era, and it’s not a moment too soon,” he said. “Right now, we’re seeing this step-up—increasing passive buying of Bitcoin.”

He also dismissed the idea that Bitcoin is still following its historic four-year cycle. “I don’t believe it. It just looks different,” he said. “We’re building a stronger foundation, characterized by lower realized volatility, higher institutional holdings, and slower passive accumulation.”