Galaxy Research maintains that recent price volatility for Bitcoin does not invalidate its thesis that the asset’s bear market ended in June 2026. Although the cryptocurrency has dropped below its 50 week moving average, Head of Firmwide Research Alex Thorn stated that historical data shows prices did not set a new low during the two previous instances where this occurred after a bear-market bottom.

The technical level, which Galaxy identifies as roughly $76,540, had served as a support floor for the asset for seven consecutive weekly closes before the current dip. Thorn noted that the fundamental case for Bitcoin has strengthened against $2T in deficits, while the holder base has shifted from macro hedge funds like Millennium and Brevan toward longer term capital from sovereign wealth funds and Morgan Stanley Wealth Management.