‘Bear Market Ended in June’: Galaxy Digital Says Bitcoin (BTC) Is in Accumulation Phase Before Price Surge

Researchers at the crypto firm Galaxy Digital think the Bitcoin ( BTC ) bear market ended four months ago. Alex Thorn, Galaxy’s head of firmwide research, says in a new analysis that Bitcoin is currently in “the accumulation phase that has preceded every prior advance.” “On a technical basis, the 200-week moving average held, the 50-week moving average has been regained for five straight weeks, and at day 916 of the halving cycle, Bitcoin is past the window in which every prior cycle bottomed. Positioning says the sellers are mostly gone: the basis traders and macro tourists who were long into October 2025 have cut their ETF and futures exposure by more than half, while everyone else has mostly held.

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