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51 Neutral

Galaxy Research: Bitcoin Bottom In, 50‑Week Moving Average Key

Original title: Galaxy Asset Management: "Now Is The Time" to Buy Bitcoin

Bitcoin Magazine 3:26 5 views on YouTube BTC +0.9%

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Summary

In a Bitcoin Magazine interview, Alex Thorn, head of firmwide research at Galaxy Asset Management, says the firm believes the bottom is in. He notes Bitcoin closed above its 50‑week moving average in the week of September 20 and has stayed above that level. Galaxy points to four earlier periods where Bitcoin reclaimed after more than 20 weeks below the 50‑week average; in each case the price never fell more than 8.4% below the reclaim level during the following year. The analysis ties the current outlook to the behavior of the 50‑week moving average.

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Key points

  1. Alex Thorn of Galaxy Asset Management says the firm believes the Bitcoin bottom is in
  2. Bitcoin closed above its 50‑week moving average in the week of September 20 and has remained above
  3. Galaxy notes that in four prior reclaims after over 20 weeks below the 50‑week average, Bitcoin never closed more than 8.4% under the reclaim level in the following year

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