Galaxy Asset Management: “Now Is The Time” to Buy Bitcoin

"The bottom is in," says Galaxy's Alex Thorn, explaining why reclaiming the 50-week moving average historically limits Bitcoin downside to just 8.4%. “We believe the bottom is in.” That’s the call from Galaxy’s head of firmwide research, Alex Thorn. Bitcoin closed back above its 50-week moving average the week of September 20 and has kept that trend, and Galaxy notes that the four prior reclaims after 20-plus weeks below never closed more than 8.4% under the reclaim level in the following year. Here’s why the whole call comes down to the 50-week moving average.