Grayscale Predicts End of Bear Market, But at What Cost?
Bitcoin's price has been relatively stable over the past 24 hours, trading between $64,500 and $66,000. Grayscale's head of research, Zach Pandl, believes that the bear market may already be behind us, but with a condition attached to this view.
Pandl outlined two competing frameworks for Bitcoin's next move: the traditional four-year halving cycle, which historically allows for deep corrections after cycle peaks, and a longer-term uptrend. He favors the latter, viewing the recent decline as a cyclical pullback within this trend.
The key variable remains Federal Reserve policy, with a stable rate outlook supporting the bullish case. Spot Bitcoin ETFs continue to attract institutional interest, reinforcing the constructive outlook.
Bitcoin is currently consolidating beneath a descending trendline, but analysts are watching for a breakout above resistance at $66,000. If momentum strengthens, the $68,500 to $70,000 range becomes a major hurdle. Meanwhile, support sits around $60,000 to $62,000.