Bitcoin Bear Market Ended and Currently in Accumulation Phase, Galaxy Research Says
Highlights
- Galaxy Research believes that the bear case for Bitcoin price ended in June 2026.
- A renowned analyst identifies $81,000 as a key technical level that could influence Bitcoin’s short-term recovery.
- Historical US midterm election trends raise caution, as Bitcoin recorded double-digit percentage losses in 2014, 2018, and 2022.
Bitcoin price has been stagnant between the $80K and $89K levels over the past 30 days, which has sparked discussions among market participants. However, a recent report from Galaxy Research hinted that BTC is currently in the accumulation phase, while indicating that the bear market for the flagship crypto is over.
Galaxy Research Says That Bitcoin Is In Accumulation Phase
Galaxy Research believes that the bear market for Bitcoin ended in June 2026. According to its latest research alert, BTC has entered an accumulation phase that could precede another sustained rally. The firm argues that several market indicators support this assessment.
The firm noted that the flagship crypto traded near $81.3K on Thursday, October 22, after closing the previous session at around $84K. This marked a daily decline of approximately 3%. At that level, BTC price remained around 35% below its October 2025 record. However, it stood roughly 39% above its June 30 low.
The flagship crypto now faces a substantial recovery challenge. As per the firm, the crypto needs to climb approximately 53% to reclaim its previous all-time high. Meanwhile, the S&P 500 trades close to its October record, highlighting the gap between traditional equities and Bitcoin.
Galaxy Research builds its outlook around four factors: technical indicators, market positioning, fundamental conditions, and investor sentiment. Together, these signals suggest selling pressure may have eased considerably.
What’s Next for BTC?
Galaxy Research considers the current environment attractive for investors with longer time horizons. However, its assessment represents a market outlook rather than confirmation that Bitcoin cannot experience another decline.
Amid this, renowned market expert Ted Pillows said that if BTC can break through $81K on the daily chart, it would help drive its price in the near future. So, considering Galaxy Research, it appears that BTC price might be witnessing a strong recovery ahead.
However, investors should also note that Bitcoin price usually witnesses a downturn in momentum during the US midterm elections. For context, analyst Ali Martinez noted that BTC has recorded two-digit percentage losses in 2014, 2018, and 2022 during the midterm elections.
Having said that, traders should exercise due diligence before putting their bets into the ongoing volatile scenario in the market. Although Galaxy Research believes that the bear market is over for Bitcoin price, investors should also consider the US midterm election trends for BTC price.
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