With the leading cryptocurrency Bitcoin continuing to trade near $80,000, viewers are closely watching to see if a sharp drop will occur.
While there are many different opinions on this matter, the final assessment comes from Galaxy Research.
According to The Block, Galaxy Research argues that the Bitcoin market has bottomed out and BTC has entered a new accumulation phase. Research head Alex Thorn stated that decreasing selling pressure and recovering technical indicators are giving positive signals for long-term investors.
Bitcoin Has Remained Above Critical Level for Five Weeks!
According to a recent report by Galaxy Research, authored by Alex Thorn, Bitcoin closed above its 50-week moving average for five consecutive weeks, starting with the week ending October 18, after spending 44 weeks below that level.
The company stated that this technical outlook aligns with movements seen in past market cycles following bottom formations.
The report also noted that long-term investor selling slowed, and the monthly trading volume of Bitcoins, which had been inactive for at least five years, decreased from 67,000 BTC in 2024 to 47,000 BTC in 2025 and 34,000 BTC in 2026. According to Galaxy, spot Bitcoin ETFs and publicly traded companies holding BTC on their balance sheets absorbed a significant portion of long-term investor selling.
“We believe the bottom has been reached, selling pressure has eased, the devaluation scenario has strengthened, and the crowd is exiting the market. The conclusion is simple: We believe now is an attractive time to buy and hold bitcoin.”
Alex Thorn also argued that the increasing US public debt and budget deficits have strengthened the view of Bitcoin as an alternative to the devaluation of fiat currencies. At this point, Thorn stated that they believe the market has entered an accumulation phase following the low seen in June.
Finally, the analyst noted that Galaxy’s bullish outlook for BTC is not unconditional. According to the report, a weekly close below Bitcoin’s 50-week moving average of $76,540, and its inability to regain this level within a month, could weaken the positive outlook.
*This is not investment advice.
