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Alex Thorn, head of research at Galaxy, stated that Bitcoin's weekly close above its 50-week moving average marks a historical point where the bear market bottom is typically established.
The cryptocurrency closed at $81,159 on September 20, surpassing the moving average, which Thorn noted was around $78,786 at the time.
As of September 21, 2026, Bitcoin trades at $84,702, a 5.3% increase in 24 hours but a decline of about 3% year-to-date. Thorn clarified that his assessment does not predict an immediate price rise.
Instead, he believes the $57,718 low recorded on July 1 is unlikely to be broken.
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