Galaxy Sees Bitcoin Bottom, But $76,540 Remains a Test

TLDR Galaxy analyst Alex Thorn believes Bitcoin’s bear market ended in June 2026. Bitcoin recorded five consecutive weekly closes above its 50-week moving average through October 18. Institutional investors reduced their net long Bitcoin futures exposure by 57% from the record-high week. Spot Bitcoin ETFs added approximately 87,000 BTC between the June low and October 22, according to Galaxy. Thorn identified $76,540 as a critical level for assessing Bitcoin’s recovery outlook. Galaxy Research head Alex Thorn believes Bitcoin’s bear market ended in June and that investors have entered a period of accumulation.