Bitcoin May Have Already Bottomed—If the Fed Helps, Says Grayscale

An important story is making waves across the blockchain ecosystem. In brief Grayscale head of research Zach Pandl published a Wednesday note arguing Bitcoin may have already hit its cycle low, conditional on the Fed holding off further rate hikes. The firm rejects the traditional four-year cycle framework—which would predict a bottom in September or October with an average 80% drawdown—in favor of viewing Bitcoin as a macroeconomic asset.

The Fed meets July 29, and the Clarity Act faces an August 7 Senate deadline, with both events framed by Grayscale as the main price catalysts for Bitcoin in coming weeks.

This shift continues to shape the digital-asset landscape, with analysts examining its near-term effects.