Galaxy Research signals Bitcoin may not have bottomed, projecting a base-case floor of $40,000–$46,000 by late 2026.
Bitcoin’s current cycle may not have reached its bottom, with only 4 of 13 historical bottom indicators triggered so far. Galaxy Research estimates a base-case floor of $40,000–$46,000 for BTC by late 2026, based on on-chain and market data analysis.
The firm’s assessment contrasts with prior cycles, where more indicators aligned before a bottom was confirmed. A deeper capitulation scenario could push prices to $30,000–$37,000, though this remains a secondary outlook.
No immediate market reaction was specified, but the projection suggests prolonged volatility for Bitcoin in the near term.