Even Galaxy has changed its tune: the Bitcoin bear market ended in June. Galaxy's Head of Research, Alex Thorn, released a report on October 26th, highlighting three key points: 1. Technical Analysis: The weekly chart has closed above the 50-week moving average for five consecutive weeks, and the 200-week moving average has held; moreover, the market capitalization has never fallen below the realized market capitalization during this bear market, a first in history. 2. Selling Pressure: Older cryptocurrencies that haven't moved in over five years have only seen an average monthly movement of 34,000 coins this year, projected to be 47,000 in 2025 and 67,000 in 2024; since the June low, US spot ETFs have actually increased their holdings by 87,000 coins. 3. Macroeconomic Analysis: With US federal debt at $40.44 trillion and the 10-year yield around 5%, the logic for currency devaluation is only strengthening. Ironically, the same Galaxy firm predicted a bottom of $40,000–$46,000 in June. As I've said before, we're in the very early stages of a bull market. Bitcoin is shifting from a risk asset to a hedge against the dollar's creditworthiness, and this positioning becomes clearer as US Treasury bonds spiral out of control. Are you waiting for a lower price, or are you already holding onto your Bitcoin?