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

What happened

Galaxy Research said in an October 26, 2026 report that Bitcoin's bear market bottomed at about $76,540 on June 30, 2026 and it has since entered an accumulation phase. Alex Thorn, its research head, said the bottom is in.

Confirmed

Global impact / market context

If Galaxy is right, the long price decline may be over and patient buyers are building Bitcoin positions again. That could reduce selling pressure on the asset and change how investors size positions, though the call remains an analyst view rather than a proven fact.

Analyst inference

Galaxy cites technical and holder signals: five weekly closes above Bitcoin's 50-week moving average after 44 weeks below it, and the 200-week average holding as support. It also points to fewer old coins moving and macro traders selling less, which suggests weaker supply pressure.

Analyst inference

What to watch

1. Watch whether Bitcoin keeps closing above its 50-week moving average, the line tracking its average price over the past year. Five straight weekly closes above it broke a 44-week run below. Confirmed
2. Watch whether Galaxy's call encourages other research firms to declare the bottom, which could shift investor positioning toward buying Bitcoin rather than reducing exposure during the downturn. Proposed
3. Watch monthly movement of coins untouched for five or more years. Galaxy reported this averaged 34,000 BTC in 2026 versus 67,000 BTC in 2024, so continued easing would mean less old supply reaching the market. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

• cryptobriefing.com