Galaxy Says Bitcoin’s Bear Market Ended in June, Sees Room to Retake $125,000

Bitcoin’s bear market ended with the 30 June low and the market has moved into accumulation, Galaxy Research said in a report published on 26 October. Head of firmwide research Alex Thorn wrote the report, which Galaxy first sent to its trading and asset management clients on 22 October. Bitcoin traded at US$81,391 (AU$115,575) that day, 35% below its October 2025 high, according to the report. Bitcoin lost its 50-week moving average in the week ended 16 November 2025 and spent 44 weeks below it, Galaxy said. It closed back above that line in the week ended 20 September.