Alex Thorn, head of firmwide research at Galaxy Asset Management, stated that the Bitcoin market has reached its bottom. This conclusion is based on the asset's recent performance relative to its 50-week moving average.
Bitcoin successfully closed above its 50-week moving average during the week of September 20 and has maintained this trend. Historical data analyzed by Galaxy indicates that in four previous instances where the asset reclaimed this level after spending over 20 weeks below it, the price did not drop more than 8.4% below the reclaim point within the following year.
