Galaxy Announces End of Bitcoin Bear Market, Targeting $125,000

Galaxy has announced that the Bitcoin bear market ended in June, and conditions are in place for a price return to the $125,000 range. Alex Thorn, the company's research director, identifies reduced selling pressure, stable investor demand, and signs of accumulation as key factors behind this outlook. After trading below the 50-week moving average for 44 weeks, Bitcoin reclaimed this level in September and recorded five consecutive weekly closes above it by October 18. An analysis of four similar historical instances shows that Bitcoin has reached its previous all-time high again within 33 to 83 weeks after such a recovery. Additionally, Bitcoin spot ETFs have attracted about 87,000 BTC since the June low, and the volume of Bitcoin that has remained unmoved for over five years has also decreased. Galaxy also considers the $40.44 trillion U.S. government debt and the $1.99 trillion budget deficit as long-term factors that could enhance the appeal of limited-supply assets like Bitcoin. However, this scenario is not certain, and weekly closes below the 50-week average or a significant decline in ETF assets could weaken this bullish outlook.

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