Galaxy Digital researcher Alex Thorn says he thinks Bitcoin’s bear market has ended and that it is in an accumulation phase like those before past price advances. This is his assessment, not confirmation that a new rise has begun; the excerpt does not establish a calendar date for the claimed end of the bear market.
Thorn cites Bitcoin holding its 200-week moving average and regaining its 50-week moving average for five straight weeks. He says some traders who were long in October 2025 have cut their ETF and futures exposure by more than half, while other holders have mostly stayed put. By his account, Bitcoin would still need to rise 53% to regain its all-time high.
