Bitcoin’s Bear Market Concluded in June, Now in Accumulation Phase, Galaxy Finds

3 min readPublished 27 Oct 2026Updated 27 Oct 2026, 08:15 UTC

Galaxy Digital’s research arm argues Bitcoin has moved past its downturn and could retest the $125,000 level.

Galaxy Research, the research division of Galaxy Digital, has concluded that Bitcoin’s bear market ended in June. The firm argues the cryptocurrency is now in an accumulation phase, a period often associated with quiet buying before renewed upward momentum.

According to the reporting, Galaxy’s analysts see room for Bitcoin to retake the $125,000 level. That figure represents a notable marker for traders tracking the asset’s recovery from recent lows. The call frames the current market structure as transitional rather than continuing a prolonged downturn.

Accumulation phases are typically described by analysts as stretches where price action stabilizes after a decline. Buyers absorb available supply without pushing prices sharply higher right away. Galaxy’s assessment suggests this dynamic has been underway since mid-year, even as headline prices fluctuated.

The timing of the call matters because bear market calls and reversals shape sentiment across the broader crypto industry. Institutional allocators, treasury managers, and retail traders often adjust strategy based on where research desks place the market cycle. Galaxy Digital has built a reputation as an active voice in institutional crypto research, making its market-cycle calls closely watched.

Bitcoin’s price history this year has included sharp swings, drawing comparisons to prior cycles where extended consolidation preceded rallies. Galaxy’s framing positions the current period as similar to those historical accumulation windows. The firm’s research did not, according to the reporting, attach a specific timeline for when a move toward $125,000 might occur.

Market structure discussions like this one typically separate two questions. The first is whether a bear market has technically ended. The second is whether accumulation will translate into a sustained price advance. Galaxy’s research addresses the first point directly and frames the second as a plausible next step rather than a certainty.

The reporting does not indicate that Galaxy issued a specific price target timeline or guaranteed outcome. Instead, the firm’s research characterizes current conditions as consistent with patterns seen before previous recoveries. That framing leaves room for continued volatility even within an accumulation phase.

Market Impact

Calls like Galaxy’s tend to influence sentiment among institutional desks that track research from established crypto firms. If accumulation-phase framing gains traction, it could affect how treasury allocators and fund managers approach near-term Bitcoin exposure. Analysts and trading desks often reference such research when discussing entry points, even without treating it as a guarantee of price direction.

The broader market impact will likely depend on whether other research houses echo Galaxy’s assessment of the cycle. Accumulation-phase narratives can reinforce buying behavior among longer-term holders. They can also generate skepticism among traders who prefer to see sustained price confirmation before adjusting positioning.

Galaxy Research’s assessment adds another institutional voice to the debate over where Bitcoin sits in its current market cycle. Whether the accumulation phase leads to a push back toward $125,000 remains to be seen in coming weeks.

Frequently Asked Questions

What does Galaxy Research mean by ‘accumulation phase’?

It refers to a period where buyers absorb available supply after a price decline, often preceding renewed upward price movement, according to the firm’s analysis.