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Galaxy Digital said Bitcoin’s bear market ended in June and the current phase is a time to accumulate, according to CoinDesk.
Alex Thorn, head of research at Galaxy Digital, said BTC appears to have bottomed in June and entered an accumulation phase that has preceded past bull markets. Thorn said BTC has reclaimed its 50-week moving average, spot ETF buying has continued as short-term speculative capital has exited, and U.S. fiscal instability is also increasing BTC’s appeal as an asset with limited supply. Thorn added that if BTC closes below $76,540 on a weekly basis and fails to recover that level within a month, the technical case that the bear market has ended may need to be reconsidered.