Grayscale Research Head Says Bitcoin Has Bottomed, Signals Green Light for Investors

Grayscale’s Head of Research, Zach Pandl, says he continues to believe bitcoin’s roughly $58,000 low from late June marks the bottom of the current bear-market phase. Speaking at the Avalanche Summit in New York, Pandl said the firm is now advising clients to begin allocating toward the asset class, calling the current conditions a “green light” moment for investors.

Bitcoin Trading Well Above Previous Lows

Bitcoin was trading above $76,000 as of Thursday morning, up slightly over the past 24 hours, though it remains roughly 39% below its record high near $126,000. Pandl’s bottom call aligns with recent comments from Coinbase CEO Brian Armstrong, who similarly suggested bitcoin has already bottomed for this cycle and predicted a two-year upward trend heading into the next halving.

Three-Part Framework Guides Allocation Advice

According to Pandl, Grayscale evaluates bitcoin allocation decisions using three key factors: the long-term structural adoption trend, the current stage of the market cycle, and the broader macroeconomic environment. He said all three conditions currently support increased investment, citing continued digital asset adoption, the completion of a bear-market phase, and favorable macro conditions overall.

Grayscale’s Separate Case for Zcash

Pandl also discussed Zcash, a privacy focused cryptocurrency Grayscale has offered investment exposure to for roughly nine years. He argued that digital currencies, including Bitcoin, lack a built-in privacy layer, and that Zcash fills this gap by prioritizing user privacy over full transaction transparency. He noted growing investor interest in financial privacy, particularly as artificial intelligence technology continues to advance, positioning Zcash as a distinct investment thesis rather than a direct Bitcoin competitor.