Grayscale flags a Bitcoin durable bottom; targets $79.3K–$85K

Bitcoin hit $78.4K on Binance, up ~30% from the February $60K low, renewing debate on whether a bull cycle is starting. Grayscale Head of Research Zach Pandl said BTC may have printed a “durable market bottom” after holding above $74K (near the realized price of buyers from three months ago). If Bitcoin keeps rallying, more buyers move into profit and selling pressure could ease—an early bull-market phase sign. In the short term, a squeeze setup is helping Bitcoin. Funding rates stayed surprisingly negative despite the rally, implying leveraged shorts are positioned for potential further upside. The next “magnetic” short-seller liquidity pools were cited around $79.3K and $85K. However, Real Vision analyst James Coutts offered a caution: there could be another drawdown before a true cycle low. He pointed to a market-breadth measure (200+ crypto assets) where 79% of the top 200 are at 1-year lows—historically a “flush-like” pattern that has preceded another selloff in prior cycles. For traders, this frames the near-term as possible upside continuation for Bitcoin, but with meaningful risk of a final leg down before trend confirmation.