Grayscale Research Calls Bitcoin Bottom, Sees Early Bull Market Signals

Grayscale Research has declared that Bitcoin has reached its bear market bottom, estimating the low to be in the $65,000 to $70,000 range. This assertion contrasts with a broader consensus that anticipates the cycle trough in 2026. The firm's research head, Zach Pandl, noted that recent buyers have returned to breakeven after Bitcoin's climb from its February 5 low near $63,000. Grayscale's thesis is based on the 'realized price' metric, which averages a coin's cost basis. For coins traded in the last 1-3 months, this is estimated at $74,000, placing current buyers at breakeven. Further price increases could signal the first phase of a bull market. However, some analysts, like Benjamin Cowen and Joao Wedson, predict a deeper low in late 2026, requiring significant capitulation beyond historical norms for an earlier bottom. This divergence leaves traders considering whether the February dip marked the cycle low or if another downturn is imminent before a recovery in 2026.

(Source：BeInCrypto)