Bitcoin’s Bear Market Is Over, Galaxy Research Says: 'Now Is an Attractive Time to Buy'
Galaxy Digital research head Alex Thorn says Bitcoin’s bear market likely ended in June and the market is accumulating, citing historical price patterns, halving-cycle timing, onchain data and reduced selling pressure. Bitcoin’s latest decline—53% from its peak—was shallower than previous cycles; spot Bitcoin ETFs have added 87,000 BTC since the June low. Thorn sees macroeconomic conditions, including rising U.S. debt and Treasury yields, as supportive of Bitcoin, but the market remains volatile amid inflation concerns, shifting ETF flows and rate-hike expectations. He would reconsider the outlook if Bitcoin closes below its 50-week moving average, currently $76,540, and fails to recover within a month. Galaxy and Thorn disclose Bitcoin holdings.
