Galaxy Digital Inc. reports that Bitcoin’s price has likely not yet reached its cycle bottom, according to the firm’s June 12, 2026 analysis.
Analysis of the Current Cycle
Galaxy Digital observes that Bitcoin is tracing a trajectory similar to past bear‑market cycles, implying that additional downside remains before a genuine bottom forms. The base‑case projection places the low between $40,000 and $46,000 sometime before the fourth quarter of 2026, and the firm emphasizes that “the empirical data yet again show evidence that the 4‑year cycle is intact.”
The report notes that Bitcoin trades roughly 51 % below its all‑time high, eight months after the October 2025 peak, and has finally slipped beneath the 48 % decline recorded during the 2013‑2015 cycle at the same stage. This makes the current drawdown the mildest on record, yet still shallower