Grayscale, through its head of research Zach Pandl, believes the Bitcoin bear market may already be behind us. The cryptocurrency is trading around $64,500 to $66,000, with resistance near $66,000 and support around $60,000 to $62,000. The firm presents two frameworks: the traditional four-year halving cycle could still push Bitcoin toward $50,000, but Grayscale favors a view where recent declines represent a cyclical pullback within a longer-term uptrend, with a durable floor formed around $60,000 to $65,000. Federal Reserve policy remains the key variable, while spot Bitcoin ETFs continue attracting institutional interest.
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