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

Alex Thorn points to moving averages, quieter long-term holders and macro sellers who have cut exposure by more than half Galaxy Research has made the call most crypto analysts avoid putting in writing. The firm says Bitcoin ’s bear market is over. In a report dated October 26, 2026, Galaxy argued that the downturn bottomed at approximately $76,540 on June 30, 2026. It says Bitcoin has since moved into an accumulation phase, the stretch where patient buyers quietly build positions while everyone else is still nursing their wounds.