Thorne Maps Out a Path to New Bitcoin Highs
On Nov. 14, James Thorne, chief market strategist at Canadian wealth management firm Wellington-Altus, outlined a potential bitcoin recovery to $150,000-$170,000 by the end of 2027. He questioned whether the selloff had found a bottom and whether a new record could follow next year. His case combined a developing chart pattern with his view that leverage had driven the decline.
In a bitcoin forecast shared on X, Thorne described the price levels needed for a recovery. He wrote:
“Reclaim $73k. Confirm above $87k. Target $117k by mid-2027, then a break of the $126k high and $150–170k by year-end. That’s what the chart says.”
The inverse head-and-shoulders formation Thorne described has three successive lows, with the middle one the deepest, and can signal a reversal of a downtrend. He placed the left shoulder, or first low, near $59,000 and the head, or central low, around $57,000. In his assessment, the right shoulder, a third low above the head, was still forming.
The $87,000 Threshold Behind the Forecast
A neckline connects the rebound highs between the lows. It marks resistance where selling previously halted price gains. Thorne’s chart placed the zone around $82,000-$87,000, with confirmation requiring bitcoin to rise above its upper boundary. Fidelity’s explanation of inverse head-and-shoulders formations says an upward breakout through the neckline completes the pattern.
Bitcoin subsequently fell below $62,000 on Nov. 15, reaching a low of $61,956.30, according to Coinglass. This brought the price closer to Thorne’s $57,000 invalidation level, while it remained below his initial $73,000 recovery threshold. He wrote: “Below $57k, I’m wrong.”
Such targets draw on historical prices and chart structure. Technical and fundamental analysis consider different evidence, with fundamentals covering economic conditions and adoption. A completed price pattern would support the technical interpretation, while evidence about demand and liquidity would inform the broader market assessment.
Liquidation Losses Add to Pressure on Demand
Coinglass figures published on Nov. 13 showed $1.62 billion in crypto liquidations over 24 hours, including $1.46 billion in bullish positions. The losses documented substantial forced closures during the decline. Thorne offered his interpretation:
“This washout was leverage, not fundamentals. Buy the fear.”
However, Glassnode’s Nov. 11 assessment identified shrinking liquidity and weaker U.S. demand. Findings included a $14.2 billion contraction in stablecoin supply over 30 days and $1.6 billion in net withdrawals from U.S. spot bitcoin ETFs over 20 trading sessions. Bitcoin also traded at a discount on Coinbase, supporting the firm’s assessment of weak U.S. buying interest alongside the derivatives unwind.
By Nov. 14, reduced leverage and renewed whale accumulation offered potential signs of recovery amid these pressures. Whale accumulation means rising balances in wallets holding large amounts of bitcoin. Glassnode identified accumulation among wallets holding 100 to 10,000 BTC. Smaller holders and some larger cohorts continued to reduce their balances.
