Galaxy Research says Bitcoin's bear market ended in June, enters accumulation phase

Galaxy Research states Bitcoin's bear market ended in June 2026 and the asset has entered an accumulation phase, with price closing above the 50-week moving average in September. The firm identifies four arguments supporting this view: technicals show price holding above the 200-week average and reclaiming the 50-week average; positioning data indicates reduced net long positions in CME futures and spot ETF holdings by major asset managers; fundamentals note the current 53% drawdown is the shallowest in Bitcoin's history and the first where price did not fall below the realized cost basis; and sentiment reflects an attractive buying opportunity. Galaxy also notes the current halving cycle is at day 916, shallower than prior cycles.