Grayscale Head of Research Zach Pandl says bitcoin's roughly $58,000 low from late June remains his call for the bottom of the current bear market phase. The firm is now telling clients to allocate to the asset class, pointing to Coinbase CEO Brian Armstrong's similar bottom call from earlier this month.
Pandl holds the line on a $58K bottom
Grayscale Head of Research Zach Pandl said bitcoin's roughly $58,000 low around June 30 remains his call for the bottom of the current bear-market phase, and that Grayscale is now advising clients to allocate to the asset class. He made the comments in an interview with The Block's Gareth Jenkinson at Avalanche Summit in New York.
His call echoes Coinbase CEO Brian Armstrong, who said on Sept. 10 that bitcoin has bottomed for the current cycle and that he expects a two-year upward trend leading to the next halving. Bitcoin was trading above $76,000 early Thursday, up 0.8% over 24 hours. It remains about 39% below its record high of around $126,000.
Three conditions Grayscale says have cleared the bar
Pandl said Grayscale weighs the long-term structural trend, the stage of the market cycle, and the macroeconomic backdrop when deciding whether clients should allocate to bitcoin. The firm sees all three conditions as met, citing continued digital-asset adoption and digital scarcity, a market that has already passed through a bear phase, and the broader macro picture.
According to The Block: "So we are certainly giving the green light to our clients."
Grayscale's separate thesis on Zcash
Pandl also contrasted bitcoin with Zcash, which Grayscale has offered through an investment product for about nine years. His thesis rests on what he called a missing privacy layer across digital currencies, arguing bitcoin's design leaves that gap open. He said Zcash occupies an underutilized, under-explored design space rather than competing directly with bitcoin, prioritizing privacy over some of the auditability of bitcoin's transparent ledger.
Source: The Block
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