Has the Bitcoin Price Bottomed? Yes, According to Multiple Metrics

Galaxy’s Alex Thorn argues Bitcoin likely bottomed in late June, based on a mix of technical, positioning, fundamental, and sentiment signals. His central technical point is that Bitcoin has now spent five or six weeks above its 50-week moving average, and he says prior bear markets ended once that level was reclaimed and held. He also says this cycle has been unusually shallow, which he sees as consistent with Bitcoin becoming a larger, more mature asset with lower volatility.

On positioning, Thorn says fast-money macro and multi-strat funds have been reducing or exiting Bitcoin ETF exposure, while longer-term buyers such as wealth managers and sovereign wealth funds have been adding. He argues that makes Bitcoin’s ownership base less sensitive to short-term equity or AI-trade stress. He also says dormant coin awakenings have slowed materially in 2026, suggesting less legacy-holder selling pressure.

Fundamentally, Thorn says the debasement case is stronger than at any prior point in Bitcoin’s history, citing higher U.S. debt, broader credit expansion, and the likelihood that AI build-out will ultimately be supported by more money printing. He also thinks the market’s focus on stablecoins and tokenization is a contrarian backdrop that has historically made Bitcoin more attractive.