Bitcoin may have bottomed in June 2026, according to Galaxy Research Head of Research Alex Thorn, who cites the recapture of the 50-week moving average as a key technical confirmation. Speaking on the Unchained podcast, Thorn argued that the current market environment presents a contrarian buying opportunity, noting that every prior cycle when the industry dismissed BTC in favor of "blockchain" narratives marked strong entry points. Thorn highlighted a significant shift in capital flows: macro funds have been net sellers while sovereign wealth funds have emerged as buyers. He pointed to reduced activity from long-term holder wallets in 2026 as evidence of tightening supply, alongside a stronger currency debasement thesis than at October's highs. The tokenization boom, he added, serves as an additional contrarian signal supporting Bitcoin accumulation. Thorn outlined specific tripwires that would invalidate his bottom call and set price targets of $125,000 for the near term and $250,000 by end-2027, framing Bitcoin as both a monetary hedge and an exit strategy from AI-powered surveillance infrastructure.