Now is the time to accumulate bitcoin, Galaxy says
Galaxy Digital research suggests that Bitcoin has entered an accumulation phase following the end of a bear market in June. Analysts cite improved price-chart signals and reduced selling pressure as indicators that the cryptocurrency is positioned for future growth.
Why it matters
Institutional analysis of Bitcoin market cycles provides insight into investor sentiment and the broader economic outlook for digital assets amidst fiscal uncertainty.
But Galaxy remains confident in bitcoin’s long-term prospects, saying it’s time to accumulate.
“We think the bear market ended in June and that bitcoin is in the accumulation phase that has preceded every prior advance,” Alex Thorn, head of firmwide research at Galaxy, said in a note titled “Why now is the time to add and hold BTC.”
Galaxy Digital is a U.S. financial and infrastructure firm founded in 2018 by billionaire Mike Novogratz. It is headquartered in New York City and trades on Nasdaq under the ticker GLXY.
According to Thorn, the bear market likely ended in June under $58,000, and improving price-chart signals, reduced selling pressure, and mounting fiscal risks make the largest cryptocurrency by market capitalization attractive to accumulate.
He added that bitcoin has entered an accumulation phase resembling periods that preceded previous advances.
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