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Crypto asset manager Grayscale stated that Bitcoin may have formed a solid bottom, and the first phase of a bull market could be beginning.
Crypto asset manager Grayscale, in its recent analysis, suggests that the Bitcoin market may have reached its final bottom. According to the firm’s research division, on-chain data indicates that price action is stabilizing at healthier levels.
According to Grayscale Research, Bitcoin has risen nearly 20% from its low of around $63,000 on February 5, climbing to the $76,000 range. This move is seen as a critical threshold, especially for investors who recently bought BTC, as it represents a return to their cost basis.
Zach Pandl, head of research at Grayscale, noted that the transparency of the Bitcoin network allows for detailed analysis of investor behavior. He stated that the “realized price” metric — the average price at which coins last moved on-chain — is approximately $74,000 for transactions over the past 1–3 months.
This suggests that a significant portion of recent investors has returned to breakeven. According to the analyst, if the price rises above current levels, this group could move into profit, potentially signaling the first phase of a bullish market.
On the other hand, Bitcoin is still trading below its October peak levels. However, according to Grayscale, recent data suggests that the market may have formed a strong and durable bottom in the $65,000–$70,000 range.
See also: "What levels must Bitcoin break to start rising? An analyst named two levels!"
