Grayscale Hints at Bull Market Setup as Bitcoin Holds Critical Breakeven Level
Key Takeaways:
The Grayscale head of research explained:
“If bitcoin’s price rises further in the coming days, more recent buyers would move into positive PnL, which can be an indicator for marking the first phase of a bull market.”
“ Bitcoin’s price is still well below its October highs, but many recent buyers are back to breakeven—potentially signaling that bitcoin has put in a durable market bottom in the $65,000 to $70,000 range,” he added. These observations underscore how on-chain cost basis metrics can help identify transitions in market cycles while supporting a constructive outlook.
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