New research from Galaxy Digital suggests that Bitcoin’s cycle low could form at higher price levels than previous bear markets due to the absence of speculation. The analysis places the potential bottom between $62,000 and the network’s realized price at $53,600.
Galaxy head of research Alex Thorn analyzed every Bitcoin cycle top and bottom and noted that the four-year cycle continues to track closely with BTC’s historical timing. The peak-to-trough declines have steadily narrowed across market cycles, falling from 85% and 84% in earlier periods to 77% in 2022 and 51% in 2026.
Bitcoin’s four-year cycle peak-trough analysis. Source: Galaxy Research/X
Thorn argued that Bitcoin’s October 2025 top differed from previous cycle peaks. Only two of eleven traditional topping indicators flashed, while the widely followed Pi Cycle Top indicator failed to trigger for the first time. Bitcoin’s MVRV ratio, which compares market value to realized value, peaked at 2.29, compared with 2.93 to 5.91 in prior cycles. The analyst said,
“The key insight: a calm top RAISES the floor. Because October’s top was so muted, the network’s cost basis sits at 43.7% of ATH, vs ~34%, 21%, and 17% in prior cycles.”
The report also found that several key bottoming signals are still absent. Only four of thirteen indicators have triggered so far, with most of the stronger signals yet to appear.
BTC cycle bottom indicator list. Source: Galaxy Research/X
Historical timing also points to the possibility of a bottom ahead. The previous cycle bottoms formed roughly 12 to 13 months after the market peak, while the current drawdown is about eight months old.
Thorn noted that, based on the current cost basis of $53,600, Galaxy estimates a base-case bottom range of $40,000 to $46,000. A deeper “washout scenario” points to $30,000-$37,000, while a shallower decline could hold near $51,000-$54,000. Despite the scenarios, Thorn also warns,
“The catch: the floor can move. cost basis is reflexive. in a real panic, coins change hands at a loss and drag the average down. A 10-30% cost basis decline pulls the implied floor from ~$40k back toward…..
