Galaxy Research said the Bitcoin bear market ended in June 2026 and BTC is now in accumulation in its Oct 22, 2026 report "Why Now Is the Time to Add and Hold BTC" Galaxy, summarized here.

Galaxy wrote at BTC around $81,638: "We believe the bottom is in. Selling pressure has diminished, the debasement case has strengthened, and the crowd has left." Its technical trigger is five consecutive weekly closes above the 50-week moving average near $76,540, the first such stretch after 44 weeks below it.

On chain, Galaxy points to a shallower 53% cycle drawdown vs 77-93% historically, and monthly transfers of coins held over 5 years down to about 34,000 BTC in 2026 from 67,000 in 2024, i.e. less long-term holder selling.

Invalidation: a weekly close below that moving average without reclaiming it within a month would weaken the bullish view. This is Galaxy's call, not verified price action.