Galaxy Research says Bitcoin’s bear market ended in June as accumulation begins

Alex Thorn points to moving averages, quieter long-term holders and macro sellers who have cut exposure by more than half Galaxy Research has made the call most crypto analysts avoid putting in writing. The firm says Bitcoin ’s bear market is over. In a report dated October 26, 2026, Galaxy argued that the downturn bottomed at approximately $76,540 on June 30, 2026. It says Bitcoin has since moved into an accumulation phase, the stretch where patient buyers quietly build positions while everyone else is still nursing their wounds. The case comes from Alex Thorn, head of firmwide research at Galaxy Digital. His summary was blunt. The first piece of evidence is a trend signal. As of October 18, Bitcoin had logged five straight weekly closes above its 50-week moving average.

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