- Galaxy Research head Alex Thorn says the bitcoin bear market ended in June, when prices fell below $58,000.
- Bitcoin traded near $80,000 at the time of the report, up 38% from June lows and about 35% below its record high above $126,000.
- Bitcoin closed five consecutive weeks above its 50-week moving average after spending 44 weeks below it.
- Spot bitcoin ETFs added 87,000 BTC since the June low, according to Galaxy.
- Galaxy's thesis would be challenged by a weekly close below $76,540 that is not recovered within a month.
- The Block reports Galaxy says fading long-term holder selling signals a buying opportunity.
Quotes
“We think the bear market ended in June and that bitcoin is in the accumulation phase that has preceded every prior advance”
“Our conclusion is simple: we believe now is an attractive time to buy and hold bitcoin”