Bitcoin Tops $76K as Grayscale Calls June Low the Cycle Bottom

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Grayscale Head of Research Zach Pandl says Bitcoin (BTC) reached its cycle low on June 30 at roughly $58,000, and that the asset manager has begun advising clients to add exposure to the asset class. He shared the view at Avalanche Summit in New York during an interview with The Block. Pandl said Grayscale made the call months ago and has not changed it since.

BTCwas trading above $76,000 on Sept. 17, up 0.8% in the prior 24 hours. It remains roughly 39% below its all-time high of around $126,000. Coinbase CEO Brian Armstrong made a similar call on Sept. 10, stating he believes BTC has bottomed and expects prices to trend upward for approximately two years into the next halving.

Grayscale assesses client allocation decisions using three criteria. The first is the long-term structural trend for digital assets. The second is where the market currently sits in its cycle. The third is the state of the broader macroeconomic environment.

Pandl said all three criteria are now met. He cited continued digital asset adoption as evidence the structural trend holds. He pointed to a completed bear phase as confirmation of the cycle position. On the macro side, he said current conditions support the case for allocation. “In my view, you can check all of those boxes today,” he said. “So we are certainly giving the green light to our clients.”

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Pandl also addressed Zcash (ZEC), which Grayscale has held in an investment product for roughly nine years. He argued that digital currencies broadly lack a functioning privacy layer, and that Bitcoin’s transparent design leaves that gap open. Zcash, he said, fills that space by making a deliberate trade-off, choosing user privacy over the on-chain transparency Bitcoin provides.

He described ZEC as sitting in an “underutilized, under-explored design space” rather than competing with BTC for the same users. He also connected the privacy case to AI, arguing that as AI systems become more capable, demand for tools that protect personal and financial data will grow. Pandl said Zcash gives investors one way to position around that theme.

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Source: coinmarketcap.com