CoinDesk Podcast Network12 Nov 2025

The Blockspace Podcast: $120K Bitcoin Call, Stablecoins, and 2026 BTC Market

Alex Thorn from Galaxy Digital discusses why they revised their Bitcoin price target from $185K to $120K, competition from gold and AI, the stalling Bitcoin Season 2 momentum, stablecoin growth, and Bitcoin's transition into a mature, lower-volatility asset class. Alex Thorn, Head of Research at Galaxy Digital, joins us to talk about why Galaxy revised their Bitcoin end-of-year target from $185K to $120K, the competitive headwinds from gold (up 57% vs Bitcoin's 12%), AI investments, and stablecoins, the October 10th leverage wipeout, Bitcoin's maturation into a lower-volatility asset, whale distribution patterns, the stalled momentum of ordinals and runes, Bitcoin Layer 2 developments, and the ongoing arbitrary data filters debate affecting projects like Citrea and Botanix. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • Galaxy revised BTC target: $185K down to $120K • Gold outperformed Bitcoin: 57% vs 12% YTD • October 10th leverage wipeout major catalyst • Bitcoin Season 2 momentum has stalled out • Stablecoins creating major market competition • Layer 2s like Citrea, Botanix still early stage Timestamps: 00:00 Start 00:49 Gov shutdown? Oh no!!! 03:03 Revising EOY price prediction 07:55 Next price catalyst? 10:50 Longer term price predictions 14:01 Crashing to $100k 16:34 Stablecoins 22:38 Tether & competition 30:11 Backing 33:58 Did we lose the plot? 37:37 Enthusiasm for BTC development - 👋The Blockspace Podcast is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech! Enjoy the show? Check out our website and newsletter by clicking here. Questions or want to sponsor? hello@blockspace.media

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