Bitcoin faces a second straight losing October down 4.1%! Is the bear market over?
Despite trading around $79.9K, Galaxy Research declared the bottom is in at $58.5K, citing massive long-term holder accumulation!
Galaxy notes sell pressure from coins held 5+ years fell sharply to ~34K BTC/month, while 5 straight weekly closes above the 50-week moving average signal historical cycle bottoms.
Galaxy's thesis only fails on a sustained break below $76,540. Attractive accumulation zone or heading for a deeper drop? Share your target below 👇
Read more: Bitcoin's Second Straight Losing October Comes, Galaxy Calls Bear Market
The bullish thesis holds unless BTC prints a weekly close under $76,540 that isn't reclaimed within a month, or institutional ETF reserves drop beneath their July baseline of 1.22M BTC. Save this thread to track institutional Bitcoin targets!