Authored by James Van Straten via CoinDesk,
- Bitcoin's recovery above its 50-week moving average and reduced speculative exposure suggest June marked the cycle low, according to Galaxy.
- Rising government debt strengthens its investment case, although sustained weakness below $76,540 would challenge the firm's technical outlook.
Bitcoin's rally has stalled in recent weeks, leaving prices listless around $80,000. In a market where sentiment shifts quickly, this has led some bears to warn of a renewed price crash.
But Galaxy remains confident in bitcoin's long-term prospects, saying it's time to accumulate.
"We think the bear market ended in June and that bitcoin is in the accumulation phase that has preceded every prior advance," Alex Thorn, head of firmwide research at Galaxy, said in a note titled "Why now is the time to add and hold BTC."
Galaxy Digital is a U.S. financial and infrastructure firm founded in 2018 by billionaire Mike Novogratz. It is headquartered in New York City and trades on Nasdaq under the ticker GLXY.
According to Thorn, the bear market likely ended in June under $58,000, and improving price-chart signals, reduced selling pressure, and mounting fiscal risks make the largest cryptocurrency by market capitalization attractive to accumulate.
He added that bitcoin has entered a
