Grayscale’s head of research maintains that Bitcoin’s roughly $58,000 low around June marks the cycle bottom, and Grayscale has green-lighted client allocations based on a three-part framework.

The green light comes despite recent market shocks, with the manager noting that the bottom call and allocation framework suggest a durable bullish stance even as sentiment remains fragile.

The stance aligns with Coinbase CEO Brian Armstrong’s view that Bitcoin has bottomed this cycle and could trend higher for about two years toward the next halving.

Grayscale uses a three-part framework—long-term structural trend, stage of the market cycle, and macroeconomic backdrop—and all three conditions are currently favorable for client allocations.

Bitcoin is trading above $76,000 and sits roughly 39% below its peak near $126,000, with all three framework conditions now clear for an allocation signal.

Zcash is highlighted as a privacy-focused complement to Bitcoin, offering an underexplored design space that addresses data privacy concerns without directly competing with Bitcoin.

Grayscale argues that digital-asset adoption and scarcity underpin continued upside, with a favorable macro backdrop supporting a green light for Bitcoin investments.