Accumulation Phase: Galaxy Digital Says Bitcoin's Bear Market May Be Over 🔹 Alex Thorn, head of research at Galaxy Digital, believes Bitcoin may have ended its bear market and entered an accumulation phase. In his view, technical indicators, the behavior of long-term holders, and changes in institutional investor positioning support this assessment. 🔹 However, macroeconomic risks and potential technological threats remain important factors that could change this scenario. 🔹 According to the report, Bitcoin held near its 200-week moving average in June 2026 before moving back above its 50-week moving average. Before that, the asset had remained below the latter indicator for 44 weeks. 🔹 The maximum decline from its all-time high was approximately 53%. By comparison, drawdowns in previous bear market cycles reached 77–93%.