Galaxy's Alex Thorn Says Bitcoin's Bottom Is In

“We believe the bottom is in.” That assessment comes from Alex Thorn, who leads firmwide research at Galaxy. Bitcoin finished back above its 50-week moving average during the week of September 20 and has remained there since. Galaxy also notes that on the four earlier occasions when bitcoin recaptured that average after being below it for 20 or more weeks, prices never closed more than 8.4% under the reclaim level over the following year. That moving average, in Galaxy's view, is what the entire call rests on.

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