Grayscale Says Bitcoin Bear Market Might Be Over

Bitcoin is currently trading between $64,500 and $66,000, leaving traders to wonder if the recent price dip was just a temporary correction. Zach Pandl, the head of research at Grayscale, argues that the bear market may already be behind us. He suggests that the current price range of $60,000 to $65,000 could serve as a durable support level for the future.

This outlook challenges the traditional four year halving cycle theory, which often predicts deeper price corrections after cycle peaks. Grayscale instead views recent price movements as a standard pullback within a longer upward trend. The firm points to institutional interest through spot Bitcoin ETFs as a key factor providing a cushion for the current price.

Market participants are now watching Federal Reserve policy closely. If interest rates remain steady, the bullish case for Bitcoin gains strength. For now, traders are waiting for a decisive break above the $66,000 resistance level. A successful move past this point could lead to a rally toward $70,000, while a drop below $60,000 would likely force the market to reconsider the risk of a deeper cycle correction.