Galaxy Research said in its 2026 outlook published on Dec. 22, 2025 that it expects Bitcoin (BTC) to reach $250,000 by year-end 2027, while flagging 2026 as “too chaotic to predict.”
BTC will hit $250k by year-end 2027. 2026 is too chaotic to predict, though Bitcoin making new all-time highs in 2026 is still possible. Options markets are currently pricing about equal odds of $70k or $130k for month-end June 2026, and equal odds of $50k or $250k by year-end…
— Alex Thorn (@intangiblecoins) December 21, 2025
For positioning context, the firm highlighted a wide options-implied distribution: markets are pricing roughly equal odds of $70,000 or $130,000 for month-end June 2026, and $50,000 or $250,000 by year-end 2026. It also characterized broader crypto as already in a bear market and framed the $100,000 to $105,000 zone as a key level for restoring upside momentum.
Looking ahead, Galaxy argued Bitcoin is increasingly trading as a macro asset, with longer-dated volatility structurally lower and puts priced richer than calls. The outlook also projected U.S. spot crypto ETF net inflows above $50 billion and suggested BTC funds could ultimately land in model portfolios at a 1% to 2% strategic weight.
Source: Alex Thorn (X post).
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