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

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. What the data shows The case comes from Alex Thorn, head of firmwide research at Galaxy Digital. His summary was blunt. “The bottom is in.” 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. That streak broke a 44-week run in which Bitcoin closed below the line. Nearly a year spent on the wrong side of a key indicator is a long time, even by crypto standards. The longer-term floor also held. The 200-week moving average acted as support throughout the decline, and Galaxy says the worst weekly close came in only 4.7% below it. The sellers are getting tired The second leg of the argument is about who is still selling. According to Galaxy, the answer is fewer people than before. Long-te...