Bitcoin’s Bear Market Is Over, Galaxy Research Says: 'Now Is an Attractive Time to Buy'
Technology · First reported 26 Oct, 13:00 · Updated 19:10
Galaxy Research’s Alex Thorn said Bitcoin’s bear market ended in June and described the asset as being in an accumulation phase; the article also lists market risks and the firm’s Bitcoin holdings.
- Thorn said Bitcoin’s downturn ended in June and called the current period an accumulation phase; the article reports Bitcoin was about $80,000 on Thursday.
- The report said Bitcoin had closed five consecutive weeks above its 50-week moving average and that the downturn was a 53% decline from its high.
- Thorn identified a weekly close below $76,540 that is not recovered within a month as a warning threshold; Galaxy and Thorn disclosed Bitcoin holdings.
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