Galaxy says bitcoin is now in an accumulation phase, arguing that the bear market ended in June and that the current pause in prices looks like the kind of period that has preceded previous advances.
Bitcoin (Credits: CoinDesk)
The view comes from Alex Thorn, head of firmwide research at Galaxy, in a note titled “Why now is the time to add and hold BTC”, reported by CoinDesk on October 27, 2026. Galaxy is a US financial and infrastructure firm founded in 2018 by Mike Novogratz.
Galaxy bitcoin accumulation case explained
According to Galaxy, several signals support its case. Bitcoin has recovered above its 50-week moving average, speculative exposure has reduced, and selling pressure has eased since June, when Galaxy puts the likely cycle low at under $58,000.
Bitcoin’s rally has stalled in recent weeks, CoinDesk reports, leaving prices listless around $80,000 after trading at about $84,459. In a market where sentiment shifts quickly, that pause has led some bears to warn of a renewed crash.
Galaxy disagrees. Thorn argues that improving price trends, resilient demand for bitcoin exchange-traded funds and rising US government debt together strengthen the investment case for bitcoin, supporting a recovery towards its previous high.
What would challenge Galaxy’s bitcoin outlook
Galaxy’s own outlook comes with a clear test. The firm says sustained weakness below $76,540 would challenge its technical view, a level worth watching for anyone following its argument.
The firm also frames its case in longer-term terms. Rising government debt, it argues, is part of why bitcoin looks attractive to accumulate, while the current phase resembles earlier accumulation periods before advances.
That is Galaxy’s assessment, not a guarantee. Crypto prices remain volatile, and the same report notes that sentiment can turn quickly when prices stall. Readers should treat this as one firm’s market view, reported here for information, rather than personal investment advice.
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Source: CoinDesk — read the full story there.
