Bitcoin May Have Hit Bear Market Bottom, Grayscale Says on July 23

According to Grayscale Research Head Zach Pandl, bitcoin may have already hit its bear market bottom on July 23. Pandl noted that bitcoin has matured into a macro asset, with its price now driven by macroeconomic factors such as real interest rates and economic growth rather than the four-year halving cycle.

Historically, bitcoin bear markets have aligned with economic slowdowns and rising real rates. If the Federal Reserve stops hiking rates while maintaining economic strength, bitcoin's price may have already bottomed, Pandl suggested.