Galaxy Digital sees Bitcoin bear market over, accumulation phase under way
GLXY•Galaxy Digital’s analysis said Bitcoin’s bear market was over and an accumulation phase had begun, citing a June bottom and reduced selling pressure. Bitcoin was at $81,391 on Oct. 22, 35% below its October 2025 high.
1. Recovery signals
Galaxy Digital’s Oct. 22 analysis favored buying and holding Bitcoin, citing five consecutive weekly closes above the 50-week moving average and 87,000 BTC added to U.S. spot ETFs since June’s low. Bitcoin traded at $81,391, 35% below its October 2025 high; recovering that peak would require a 53% rise.
2. Risks to the outlook
The analysis cited federal debt of $40.44 trillion in support of its currency-debasement thesis and Bitcoin’s fixed supply. It said a weekly close below $76,540 without recovery within a month, or ETF holdings falling below 1,220,000 BTC, would challenge its outlook.
