Bitcoin has spent the past few weeks trying to stabilize after a sharp June selloff pushed it below $60,000 and flushed out short-term positions.
The question now is whether the market has already survived the worst of the move or whether the real bottom is still ahead. With research desks split across different levels and timelines, we collected the key calls in one place.
The Coinformer analyzed public reports and market notes published between June 1 and July 1, 2026, from Glassnode, Bitfinex, Keyrock, Wintermute, CryptoQuant, Galaxy Digital, and Bybit Research.
So far, with reports analyzed, the key takeaway is that most desks see early bottoming signs. But almost none are ready to say the final low is already in.
This article will be updated as new research notes come in. It is a roundup of analyst views, not financial advice. Bitcoin bottoms are usually confirmed only after the fact.
What key research desks are saying
- Glassnode. Glassnode sees early bottoming signs, but not a confirmed bottom. The firm wrote in its July 1 report that Bitcoin is in the "early stages of a bottoming process," while warning that "confirmation is still needed" and that the market may still need "one final test of conviction." Key signal: no bottom yet.
- Keyrock. Keyrock is constructive near $60,000, but its call is still conditional. "Our desk treats $60K as a level to accumulate rather than a breakdown," the firm wrote. But the real line is $53,400, because "a decisive break below it" would show that "something deeper is underway." Key signal: no bottom yet.
- Galaxy Research. Galaxy Digital's research arm is the clearest no-bottom call. "The current drawdown's bottom is not in," the firm wrote in a research note, putting its base-case bottom at $40,000 to $46,000. Key signal: no bottom yet.
- Bitfinex Research. Bitfinex said BTC hit a new bear-cycle low of $58,136 after losing $61,500 support. Its bottom call was also not there yet as "renewed spot demand is still needed for a durable bottom." The firm called $53,400 as the next key support, with $40,000 still possible by Q4. Key signal: no bottom yet.
- Wintermute. Wintermute argues Bitcoin's recent price bounce isn't enough for a complete U-turn. It called the move a "bear market rally," said "nothing structural changed," and warned that "a bottom call feels somewhat premature." It also added that attractive long-term risk-reward in the low-$60,000s is "not the same as the bottom being in." Key signal: no bottom yet.
- CryptoQuant. In its mid-June report, published after Bitcoin fell to a fresh bear-market low near $59,000, CryptoQuant wrote that "the current price level should be interpreted as a valuation floor candidate, not a confirmed cycle bottom." Key signal: no bottom yet.
- Bybit Research. Bybit saw less bearish pressure in options, but not a bullish turn. Traders had become "markedly less defensive," the exchange wrote, but options markets "have not yet turned outright bullish." Key signal: no bottom yet.
- Update July 4. BitMEX Research. Shang Wu, senior research analyst, wrote in a July report that "both historical cycles and current headwinds," which include ETF outflows, MSTR's neutral stance, and capital rotation into AI, point to a "final bottom in the $45k–$55k range, likely in Q3/Q4 2026." Key signal: no bottom yet.