Alex Thorn, head of research at Galaxy Digital, argues that Bitcoin’s bear market ended in June and that the asset has now entered an accumulation phase. On Thursday, Bitcoin traded around $80,000, 36% below its October 2025 peak but 39% above its June 30 low. It has closed five consecutive weeks above its 50-week moving average, and its market capitalization never fell below its realized value, a first during any bear market. U.S. federal debt has reached $40.44 trillion, the 2026 fiscal deficit stands at $1.99 trillion and the 10-year Treasury yield reached 5.31%, strengthening Thorn’s case for Bitcoin. Galaxy and Thorn disclose holding Bitcoin, with Thorn identifying a weekly close below the 50-week average, currently $76,540, as his key warning signal.
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