Galaxy Research's @intangiblecoins just published a compelling case for why the bitcoin bear market is over and now is the time to accumulate. "We believe the bottom is in, selling pressure has diminished, the debasement case has strengthened, and the crowd has left." The 200-week moving average held as the floor in June, the 50-week has been reclaimed for five straight weeks, and at day 916 of the halving cycle, bitcoin is past the window where every prior cycle bottomed. The macro tourists are gone. Basis traders and hedge funds have cut ETF and futures exposure by more than half. Meanwhile, the fundamental case has only gotten stronger with $2 trillion deficits at 5% yields. "A bet against stocks and hard assets is a bet on fiat, the one position that makes no sense today." Thorn also notes sentiment has swung to "blockchain, not bitcoin" for the third time. The first two times marked cycle lows.