Key facts
- Bitcoin's bear market ended in June and it is now in an accumulation phase, according to Galaxy Research.
- Bitcoin has closed five straight weeks above its 50-week average.
- The latest Bitcoin downturn was a 53% drop, the shallowest on record.
- Bitcoin's market value never fell below its realized value during the bear market.
- Galaxy and Alex Thorn disclosed they hold Bitcoin.
- Thorn sees potential for Bitcoin to retake $125,000.
Galaxy Digital's head of research, Alex Thorn, believes Bitcoin's bear market concluded in June and that the asset is now in an accumulation phase, calling it "an attractive time to buy and hold bitcoin." The call comes as Bitcoin trades around $80,000, 36% below its October 2025 high but 39% above its June 30 low. Thorn cited technical indicators, including five straight weeks above its 50-week moving average, and the halving cycle, which points to a bottom 916 days after the event. On-chain data shows Bitcoin's market value never fell below its realized value for the first time in any bear market. He also pointed to macroeconomic factors like $40.44 trillion in federal debt and a 5.31% 10-year Treasury yield as supportive. Galaxy and Thorn disclosed they hold Bitcoin.