In Bitwise podcasts, it was mentioned that Galaxy Digital, NYDIG and the Standard Chartered Bank's judgment at the bottom of the coin was inconsistent, but none of the three institutions gave up looking at the town. The point of contention is not whether Bitcoin will be weak in the long term, but whether the round is nearing its end.
Galaxy thinks there's still room to go down.
Galaxy Digital believes that bitcoin may not be really bottom. Bitwise CIO Matt Hougan indicates that Galaxy has consulted 11 to 12 common bottom signals, but only 3 currently appear. Under this framework, bitcoin may still fall to the vicinity of $40,000 before a clearer end of the cycle.
NYDIG thinks the bottom is close to $50,000.
NYDIG is more neutral. Looking back at the round of bitcoin cycles, the agency noted that historical retreats usually ranged from 75 to 90 per cent, while the current drop was about 50 per cent, suggesting that the market might be nearing the bottom, but not excluding continued weakness. Hougan summed up this view as “which may have been the bottom line or could have been the bottom line”.
The scum thinks the low point is already there.
The bank is more optimistic. According to the Bank, bitcoin has formed a low point in the current round near approximately $59,000 and has based its main support on improved ETF financial flows, reduced pressure and increased institutional demand. In this judgement, Bitcoin has completed a phase-by-stage search and may be re-entering the upper cycle.
The agency still looks up the next round.
According to Hougan, none of the three institutions, although different at the bottom, turned to total pessimism. Bitwise believes that the entry of institutional funds into the Bitcoin market is still at an early stage and that, as more financial institutions become involved, future withdrawals may be smaller than in previous cycles.