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Galaxy Research says Bitcoin's bear market ended in June 2026 and the asset has entered an accumulation phase. The call rests on BTC closing above its 50-week moving average for five consecutive weeks, a stretch of technical strength that has historically separated bear-market recoveries from genuine trend reversals.
On-chain data adds weight to the thesis. Monthly transfers of coins held for more than five years have fallen to roughly 34,000 BTC, down from 67,000 in 2024, pointing to reduced selling pressure from the longest-term holders.
Why it matters
Galaxy frames the setup as a rotation from fast money out to patient capital in. With the debasement case stronger than it was at the prior high, the firm argues the bottom is in and accumulation, not distribution, now defines the cycle.
Market impact
The bullish view has a clear invalidation level: if Bitcoin falls below its roughly $76,540 50-week moving average and fails to reclaim it within a month, Galaxy says the thesis weakens. Traders watching for confirmation of the new phase should track both that level and continued decline in old-coin spending.
Source: [Why Now Is the Time to Add and Hold BTC — Galaxy](https://www.galaxy.com/insights/research/why-now-bitcoin-buy-hold-2026/)
Frequently asked questions
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When does Galaxy say Bitcoin's bear market ended?
Galaxy Research says Bitcoin's bear market ended in June 2026, and the asset has since moved into an accumulation phase.
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What is the key technical level behind Galaxy's bullish Bitcoin call?
Bitcoin has closed above its 50-week moving average, roughly $76,540, for five consecutive weeks, which Galaxy cites as confirmation the trend has flipped.
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What on-chain evidence supports the accumulation phase thesis?
Monthly transfers of coins held for more than five years have fallen to about 34,000 BTC from 67,000 in 2024, indicating reduced selling pressure from long-term holders.
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What would invalidate Galaxy's bullish Bitcoin outlook?
Galaxy says the bullish view would weaken if Bitcoin falls below its roughly $76,540 50-week moving average and fails to reclaim that level within a month.
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Why does Galaxy argue now is the time to hold Bitcoin?
Galaxy argues fast money has exited and the currency-debasement case is stronger than it was at the prior market high, making the current phase one of accumulation rather than distribution.
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