Another Bitcoin Crash? Is the Worst Still Ahead? | Trade Secrets

Has Bitcoin already bottomed, or is more pain still ahead? Grayscale’s Head of Research, Zach Pandl, thinks June’s $58K low may have marked the bottom—and points to two signals behind his call. In this episode of Cointelegraph’s Trade Secrets, host Kieran sits down with Pandl to examine Bitcoin’s recovery, whether the four-year cycle still holds, and what could change the institutional investment case for BTC. Pandl explains why Strategy’s stabilization and Bitcoin’s resilience to bad news over the summer shaped his outlook. They also discuss whether the CLARITY Act could deliver the boost investors expect, how US debt and the midterm elections fit into Bitcoin’s bigger picture, and whether Bitcoin could ever replace fiat. Beyond Bitcoin, the conversation explores Grayscale’s conviction in financial privacy and Zcash, Hyperliquid’s appeal to institutions, and the risks facing both projects. Has Bitcoin already found its cycle bottom, or are new lows still ahead? Share your take in the comments. 00:00 Highlights 00:20 Meet Grayscale’s Zach Pandl 00:42 Did Bitcoin Bottom at $58K? 01:40 The Two Signals Behind Grayscale’s Bottom Call 02:31 Is Bitcoin Breaking Its Four-Year Cycle? 04:50 CLARITY Act: A Bitcoin Catalyst or Sell the News? 06:45 Bitcoin in 2027: $150K or $40K? 08:29 How US Midterms and Rising Debt Could Affect Bitcoin 10:00 Why Grayscale Is Bullish on Privacy and Zcash 11:36 Zcash After a 20x Rally: Is There More Upside? 13:04 What Could Threaten Zcash’s Lead? 14:39 Are Institutions True Crypto Believers? 16:12 What Could Change the Institutional Bitcoin Thesis? 17:44 Could Bitcoin Ever Replace Fiat? 19:23 Why Hyperliquid Appeals to Institutions 21:22 What Makes Hyperliquid Different? 23:07 How Could Hyperliquid Fail? 24:27 Is It Still Early for HYPE? 26:12 Hyperliquid, Ethereum or Solana? 27:34 Metaplanet and the Future of Bitcoin Treasury Companies 28:34 Could Bitcoin Reach $1 Million by 2030? Subscribe to Cointelegraph for more Trade Secrets interviews and insights from across the crypto industry. #bitcoin #crypto #news Follow COINTELEGRAPH: Website: https://cointelegraph.com/ Telegram: https://t.me/cointelegraph Facebook: https://www.facebook.com/cointelegraph Twitter: https://twitter.com/cointelegraph Mobile app: https://linktr.ee/cointelegraph_mobile Cointelegraph covers everything Bitcoin, bringing you the latest news, prices, breakthroughs, and analysis, with emphasis on expert opinion and commentary from the digital currency community.