Galaxy Digital's Head of Firmwide Research, Alex Thorn, has sparked renewed discussion on Bitcoin's 4-year cycle, suggesting it may be evolving due to market maturity and increased institutional involvement. Thorn posits that Bitcoin could reach $185,000, fueled by institutional demand, ETF inflows, and fiat currency devaluation. However, he cautions that macroeconomic factors like inflation, interest rates, and geopolitical tensions could present short- to medium-term challenges.