Bitcoin Price Prediction: Grayscale Believes The Bear Market is Over

Bitcoin price is trading around $64,500 to $66,000, little changed over the past 24 hours, and Grayscale just made a prediction that’s splitting the trading community. The firm’s head of research argued the bear market may already be behind us, but the condition attached to that view matters more than the headline.Grayscale’s Zach Pandl outlined two competing frameworks for Bitcoin’s next move.

The first is the traditional four-year halving cycle, which historically allows for deep corrections after cycle peaks. Under that model, Bitcoin could still revisit the $50,000 area before forming a lasting bottom. INSIGHT: Grayscale's Head of Research Zach Pandl says Bitcoin's bottom may already be in if the Fed holds off on rate hikes.

He pushes back on the "four-year cycle" theory, which points to a lower bottom in September or October. pic.twitter.

com/gJwaeOEmGH— Cointelegraph (@Cointelegraph) July 23, 2026 However, Grayscale favors a different framework. It views the recent decline as a cyclical pullback within a longer-term uptrend. In that scenario, a durable floor has likely formed around $60,000 to $65,000.

The key variable remains Federal Reserve policy, as a stable rate outlook supports the bullish case.Meanwhile, spot Bitcoin ETFs continue attracting institutional interest, reinforcing the constructive outlook. Still, whether that demand survives the next round of macroeconomic data remains the biggest question.

For now, Bitcoin is holding within the $64,500 to $66,000 range while traders wait for the next catalyst.Discover: The Best Crypto to Diversify Your PortfolioBitcoin Price Prediction: Break $70,000 and Challenge Six Figures Again?Bitcoin is trading around $64,500 to $66,000, pressing against resistance near $66,000.

A confirmed daily close above that zone could open the path toward $68,500 to $70,000. If momentum strengthens, the $72,000 area becomes the next major hurdle. Meanwhile, support sits around $60,000 to $62,000, and bulls need to defend it.

The t