[DigitalToday reporter Yoonseo Lee (이윤서)] An analysis said bitcoin is likely to have already passed its low.

Bitcoin Magazine reported on Oct. 30 local time that Alex Thorn (알렉스 손), head of research at crypto investment firm Galaxy Digital, cited bitcoin's rebound above its 50-week moving average and price support near $80,000 as the basis for a recovery.

Thorn noted that bitcoin has not recorded a new low after spending more than 20 weeks below the 50-week moving average and then reclaiming it. He said this can be interpreted as a signal that the low has passed again.

He also said it was important that bitcoin held around $80,000 after the U.S. Federal Reserve's interest rate decision. He said bitcoin not breaking down even as AI-related anxiety rattled the market shows downside rigidity.

On supply and demand, he focused on the point that positions have not built up sufficiently rather than becoming overheated. That means buying interest has not been strong enough to follow the price rebound. He said that, unlike the usual pattern in which optimism spreads after a rebound, such crowd psychology is not clear now, and that a bullish view on bitcoin is closer to a contrarian idea.

He also mentioned changes in market participants. Based on 13F filing trends, Thorn said hedge fund exposure is declining while participation by sovereign wealth funds and asset managers is increasing. He said that long-term money is becoming relatively more prominent than funds seeking short-term gains. This is seen as showing that the supply-demand structure of the bitcoin market is changing from before.

Thorn also reviewed tokenisation expectations and narrative shifts that have recently shaken the market, as well as the basis trade. But his focus was on bitcoin's structural position rather than fad themes. Thorn said expansion of AI infrastructure could become a "debasement machine" that spurs currency value dilution, and he reaffirmed the view that bitcoin can play the role of digital gold amid U.S. debt and a fiscal dominance environment.

Security issues were also presented as a point to watch. Thorn mentioned the possibility of AI-based cyber attacks and also pointed to the importance of hardware wallets and multisig management. He said that, separate from any price outlook, custody and security systems could become more important during a phase of market expansion.

The remarks focus less on a simple price forecast and more on what signals and funding flows are used to judge that a low has passed. That is because the recovery of the 50-week moving average, resilience near $80,000, the absence of crowds and a change in investor composition are all interacting at the same time. As a result, the market is expected to watch whether bitcoin has entered a phase of trend reversal rather than further declines, and whether inflows of long-term capital continue.