Grayscale: “A Sustainable Bottom Has Formed; the First Phase of the Bitcoin Bull Run May Be Beginning”

A recent analysis published by crypto asset management company Grayscale suggests that the Bitcoin market may have formed a permanent bottom. According to the company’s research arm, blockchain data indicates that price movements are settling on a healthier footing.

According to Grayscale Research, Bitcoin has risen by nearly 20% since hitting a low of around $63,000 on February 5th, reaching the $76,000 range. This surge is seen as a critical threshold, particularly for investors who recently bought, as it represents a return to their cost basis.

Grayscale Research Head Zach Pandl stated that the transparent nature of the Bitcoin network allows for detailed analysis of investor behavior. According to Pandl, the “realized price” metric, frequently used in analyses—that is, the average cost at which coins moved on the last chain—is approximately $74,000 for transactions over the last 1 to 3 months.

This situation indicates that a large portion of investors who recently entered the market have reached the break-even point again. According to the analyst, if the price rises above current levels, this group of investors will be able to profit, which could signal the first phase of a potential bull market.

On the other hand, the Bitcoin price is still trading below its October peak levels. However, according to Grayscale, recent data suggests that the market may have formed a strong and lasting bottom in the $65,000 to $70,000 range.

*This is not investment advice.