Alex Thorn, head of firmwide research at Galaxy Asset Management, said "We believe the bottom is in" and called for buying Bitcoin now.
Thorn cited Bitcoin's return above its 50-week moving average the week of September 20. Galaxy noted that in the four prior instances when Bitcoin reclaimed above this level after spending over 20 weeks below it, the price never closed more than 8.4% under the reclaim level in the following year.
Galaxy's thesis rests on the technical significance of the 50-week moving average as a support marker.