Bitcoin Eyes $125K as Galaxy Says Bear Market Has Ended

Galaxy sees favorable conditions for bitcoin to retake $125,000, arguing that its bear market ended in June and selling pressure has diminished. Its analysis also cited fiscal pressures and weak investor attention to support its bullish outlook. Bitcoin had a favorable setup for retaking $125,000, Galaxy argued in research published Oct. 26 after it was sent to clients Oct. 22. Alex Thorn, head of firmwide research at the digital asset financial services company, based the case for bitcoin’s recovery on reduced selling pressure and resilient investor demand. At the time of writing, bitcoin traded at $80,762.07 on Bitstamp, up 1.09% over the previous 24 hours. Thorn stated: His assessment placed the recovery within a broader market transition.

First reported by Bitcoin.com News. This page is a short excerpt; the full text is theirs.