Galaxy Sees Bitcoin Bottom, But $76,540 Remains a Test
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TLDR Galaxy analyst Alex Thorn believes Bitcoin’s bear market ended in June 2026. Bitcoin recorded five consecutive weekly closes above its 50-week moving average through October 18. Institutional investors reduced their net long Bitcoin futures exposure by 57% from the record-high week. Spot Bitcoin ETFs added approximately 87,000 BTC between the June low and October 22, according to Galaxy. Thorn identified $76,540 as a critical level for assessing Bitcoin’s recovery outlook. Galaxy Research head Alex Thorn believes Bitcoin’s bear market ended in June and that investors have entered a period of accumulation. His October 22 report argues for buying and holding Bitcoin despite weeks of trading around $80,000.
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